Emptying Attics and Drawers to Pay the Bills
By Dave Franzman, Reporter
By
Dave Franzman
Story Created:
May 8, 2008
Story Updated:
May 9, 2008
CEDAR RAPIDS- Whether it's online, or at the pawn shop, more people may be selling off possessions to keep up with current bills.
Some national reports indicate that electronic listings offering secondhand cars, clothing and furniture and other items have gone up significantly. And some pawn shops contacted by TV9 say they are seeing more activity from people wanting to just sell possessions rather than get a short term loan.
At Siegel's Jewelry and Loan, high gold and silver prices have brought out more sellers than normal in recent months. And co-owner Ken Siegel says some are not the normal customers who use a pawn service.
Siegel says he's done more business recently with seniors who are cashing in heirlooms and prized jewelry because they're have to have more cash now.
"They're digging through their closets, getting sterling flatware, pocket watches and their gold watches and they're coming in for emergency needs. We've seen a 20-30% increases in that," Siegel said. He also said some people are selling off jewelry now just to benefit from near record prices.
Siegel also told TV9 that he's definitely seen an impact from high utility bills. He can recall several cases where he bought items from customers and then watched them cross the street to Alliant Energy offices in Cedar Rapids to pay off bills.
Siegel says the economy in Eastern Iowa has not dipped as much as elsewhere--or he expects he would hear the "lost job" explanation for selling heirlooms a lot more often.
Friday, May 9 at 10:58 AM david wrote ...
Siegel's paid me more than double what the "antique treasure show" offered for my gold. They also hold on to peoples jewelry loans longer than the law requires. If you want an honest evaluation they are ones to help.
Flag for moderationFriday, May 9 at 9:29 AM Anonymous wrote ...
If you can get the money from Ken Siegel up front, that would be fine, but he has a reputation of not getting your money to you after he sells something.
Flag for moderationFriday, May 9 at 8:25 AM I hear ya wrote ...
My employer hosed me with a pay decrease this year, so I am selling everything I can find that I don't need. Ebay here I come.
Flag for moderationFriday, May 9 at 7:05 AM Anonymous wrote ...
Nothing like having to pawn priceless family heirlooms to pay for a gallon of gas. You know these vultures (yes, ye guys are vultures) that run the pawn shops are grinning all the way to the bank since they can buy these items for peanuts and make a hefty profit on them. I think pawn shops are 1 step below the mafia!!
Flag for moderationThursday, May 8 at 10:17 PM Sandi wrote ...
Video for "Emptying Attics and Drawers to Pay Bills" is not working???
Flag for moderationThursday, May 8 at 6:33 PM Seriously wrote ...
Do we really need to wonder why. Its nothing with the economy and everythig with fuel prices and surviving a harsh winter. If I were to have heated my home with the #2 fuel oil, it would have been 400-500 bucks a month to keep warm. I fortunately burn wood.
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