[From Detroit Free Press]: The cable TV reality show “Hardcore Pawn” — located in the heart of Detroit’s 8 Mile — likes to refer to its pawn business as “the working man’s bank.”
“People come in because they don’t have the opportunity to go to the bank and draw money out of their account. They use us to make ends meet,” said Seth Gold, vice president of American Jewelry and Loan, the pawn shop featured in the show.
“We’re dealing with real people,” he said. “We deal with about 1,000 people everyday.”
Real people with real money woes aren’t sure where to turn when juggling bills. Too often, the easy options only dig you into a deeper hole. But American Jewelry and Loan invited in some nonprofits who serve cash-strapped consumers to offer advice during a “first annual” financial literacy program.
The audience sat in the middle of the pawn shop, not far from the flat-screened TVs, jewelry counters and furs. Speakers represented GreenPath Financial Wellness, Operation HOPE and Junior Achievement of Southeastern Michigan.
[Read the full article at Freep.com: http://www.freep.com/story/money/personal-finance/susan-tompor/2016/11/03/pawn-alternative-banking-cash/92845706/]
