Pawn Business Booming

Pawn brokers are reporting major increases in business this year (see story at 9news.com). When times get tough, people turn to pawn shops for short term loans against their belongings. Times have been tough, and money has been especially hard to borrow over the past year.

Turning to pawn shops is an option, but let's think of it as one of your last resorts. Before you get in a pinch, consider a few strategies that can keep you out of the pawn shop for loans:

• Set up an emergency cash fund
• Consider peer to peer lending
• Avoid payday loans