We’ve all heard the news. The American economy is not as strong as it once was, and that former strength might never return. The average U.S. household with debt carries $129,579 in total debt, with an average of $15,355 in credit card debt alone. To make the debt crisis worse, the average American household is paying a total of $6,658 in interest per year. If you’ve fallen behind on debt payments or are having trouble making your monthly payments, what can you do? One easy solution might lie in getting a cash loan for unwanted possessions such as jewelry or other precious metal accessories.
Selling gold to a precious metals dealer is becoming an increasingly common way for U.S. households to reduce their overall debt or simply generate a quick influx of cash. Just keep in mind that some gold items are purer — and more valuable ? than others are. Pure gold is considered 24 karat, or 24k. Think of it as a 24-slice pie with each slice representing a single karat. Therefore, a gold necklace that has an ounce of 10k gold has less than half the gold of a necklace with an ounce of 24k gold. Gold-based transactions at pawnbrokers have long been a common transaction, and the majority of pawnbrokers surveyed reported a three to five percent increase in overall business in recent years.
Collateral loans, AKA pawn loans, remain the core of pawnbrokers? businesses, with over 80 percent of pawnbrokers reporting that pawn loans are the most popular transactions. The most common items that pawnbrokers purchase are precious metal jewelry and accessories. If you are looking to sell your gold or any other jewelry, pawnbrokers still remain the way to go.
Today’s economy isn’t a friendly one for most Americans, including the wealthy. With the cost of living outpacing income growth over the past 12 years, it’s easy to see why more and more households are getting a cash loan to help pay their monthly expenses. American consumers’ average pawn loan increased from $80 in 2008 to $150 in 2011. If your household needs quick cash, selling your gold to a licensed high end pawn shop might be just the thing you need to get through tough times.
