Inflation has reached a new 40-year high, and now more Coloradans are turning to pawn shops to get extra cash
ENGLEWOOD, Colo. — U.S. inflation has reached a new 40-year high, putting even more pressure on households trying to afford the cost of essentials.
At Pawn King in Englewood, doors open at 9:30 a.m. every weekday, and typically customers are already waiting to get inside. Arguello says his business has always been one with ups and downs with the economy. Before COVID, Arguello says he was getting by fine."They were coming in, but they were coming in for the stuff to do at home. Bikes, I couldn't hold a bike for anything. Laptops or cell phones, gaming systems, things like that. Stuff to do at home," said Arguello.
"It's a lot more about getting gas for the week, type of loans as needed. A quick 30 bucks, 40 bucks to fill my tank," said Arguello."People just need money to do their daily commute. You know, pay small bills, get gas, put groceries on the table for the few days before they get their paycheck.""Now they're given up those bikes and laptops and gaming systems and the fun things," said Arguello.
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