Pawn shops..

I have never pawned anything in my life but i have a close friend that does this often... and is not ashamed of it (i don't think she should be) she says it is better than asking people and letting them know that you might need money.. while she has never lost anything that she has pawned, i would be afraid that I would lose my diamond ring or something like that.

Would you do this if you were in a financial situation?

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Usually when you pawn something it means you are selling stuff for cash. How did your friend "pawn" stuff and not lose it?

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I really dont understand how a pawn shop works. You "sell" them your item then you buy it back at a later date? What prevents the store from selling your item in the meanwhile??

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no this is how it works, you get into a contract with them you pay a finance charge for XXX about of months, you are given a date and if you don't pay at least the finance part of it you will lose the jewelry and they will put it up for sale. You can always regain your jewelry if you pay the interest and the loan by the due date..

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Message edited 11/16/2011 6:51:26 PM.

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Interesting article. I hope that I never get in such dire straits that I have to resort to pawning off my stuff!!

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If I was that financially strapped, I would be seriously looking at my finances.

If it was stuff I didn't care about, I suppose a pawn shop would be good. I can't bring myself to eBay anything or sell it. I usually give it away.

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i don't see nothing wrong with it, i actually did this with my engagement ring, the second time i actually lost it for good.

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I had some really nice "items" that I pawned simply b/c I didn't want them anymore. They were from an ex and meant nothing to me after we broke up - esp once I met DH. I pawned them and put the money in the bank - opened a money market account w/ it actually... did the "responsible" thing

But once I read what your friend actually does - oh no, I don't think I could ever do that JUST incase something happened and then you lose what you gave them! I guess she doesn't care that much about the stuff she is doing this with?? You never know what might happen - I would be so nervous unless I didn't care about the item, KWIM?

Message edited 1/22/2008 9:44:02 PM.

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If I absolutely had no other option, YES, I would.

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I had got rid of a whole bunch high school jewelry. Things that had our initials or names. If I was in financial need, I don't think I could. I don't have much expensive jewely. and the pieces that I do have mean a lot to me.