High Gas Prices Mean Big Business For Pawn Shops

EL PASO, Texas – In El Paso, there’s no question high gas prices combined with a struggling economy are making everyday living costs more difficult. For some, selling their valuable is the only option to survive.

“Jewelry…coins. Anything they can exchange for money so that they can get by,” said Hector Garcia, manager of Quality Coin, Jewelry and Loans.

At Hector Garcia’s pawnshop in Central El Paso, business is booming. People come in to sell or trade old jewelry, watches and coins, just to get a little extra cash. It’s a full spectrum of customers.

“From people who are on a fixed income to people who have money,” Garcia said.

When gas and grocery prices rise, Garcia expects his shop to be packed with those looking for financial help between paychecks.

El Paso resident Jose Hurtado said he’s making the trip to the pawn shop several times a week. He sold priceless coins that have been in his family for years.

“There are many family memories, ya know? These are things of family value but we have to sell them because we need to the money,” Hurtado said.

At pawn shops, customers have the option to pay back the money they got for their possessions. But because many don’t have the money to do that, they just choose to sell it no matter how painful it is.

“This lady came in and she got rid of a watch that her mother had given her. And she started crying. Its heartbreaking,” said Alicia Reyes, employee of Quality Coin Jewelry and Loans.

Some of the employees at Garcia’s pawn shop also said it’s very common for elderly people to sell their belongings to help pay for medications.

Although hesitant to admit it, Garcia knows that hard times for Americans are good times for his business.