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Pawnshops
Pawnshops loan you money in exchange for an item such
as a watch, camera, or Game Boy. The pawn shop is expected
to keep your item for at least 30 days. During
that time, you are expected to repay the loan. If you don’t, the pawned
item becomes the pawnshop’s property. The pawnshop will sell the item and
keep
the
money.
What’s so bad about that? You’re good for the money, right? Well,
these shops make loans based on about half of what the item is actually worth.
And if for some reason you cannot pay the loan back on time, you are out something
you may need and have to spend money to replace it.
The bottom line: If you deal with a pawnshop, you accept a small amount of money
and risk losing a possession of much higher value.
Avoid pawnshops.
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Protect
What You Have
