Gordy Lifson, owner of Greenmount Loan & Jewelry Co., oversees the store as customers check out the selection of jewelry. {Brian Krista, b}

From today’s b, the paper

Banjo in hand, Travis Logsdon walked into Greenmount Loan & Jewelry Co. looking for fast cash for the first time.
“I’m not that upset about pawning it,” said Logsdon, 26, of Towson. “I have a lot of instruments, and I can’t play them all at the same time.”
Customers like Logsdon, who walked away with $100 cash for the banjo, are creating a boom in business at pawnshops across the city. He said the appeal of quick, easy money made pawning a better option than Craigslist or eBay. “This is the first thing I’ve ever pawned, but I’ll probably be coming back to pawn more,” he said. “This is quicker than selling online, and it’s guaranteed money.”
In today’s tough economic times, pawn sales are up throughout the state, say those in the industry, as people brace for an uncertain future. Thrift stores, too, have prospered.
Robbie Hyman, 50, of New Northwood, said he pawned $150 worth of gold jewelry to make ends meet. “I worked for the city school system and then I changed jobs, so money is tight right now,” he said.
Brandon Saffore, 22, turned to pawning so he could afford a bus ticket to New York. Saffore, a computer science student at Bronx Community College, didn’t have money to get back to home for classes.
“I needed money fast, so I figured: I need my computer, and I don’t want to get rid of my jewelry, but I can live without video games,” the Bronx native said, while waiting in line at Alpha Gold Exchange on East Monument Street. “It wasn’t a hard decision.” After checking the serial number and testing the Xbox for defects, the shop gave Saffore, a first-time pawner, $130 for the console and five games. “It’s ironic that I’m pawning it because I got it from a pawn shop for $90,” said Saffore.
National trend
Rick Sussman, president of the Maryland Pawnbrokers Association and owner of Northwestern Loan Co., said the uptick in pawnshop sales is being seen nationwide and statewide. “Right now, pawnshops are acquiring more property than they’re selling,” he said. “I’ve been in the pawning industry for 40 years. My family has owned this business since 1919, so we’ve seen this before. I think like all economic cycles, this will improve.”
Gordy Lifson, owner of Greenmount Loan & Jewelry Co., said business is up about 50 percent from this time last year. Lifson said some of the most commonly pawned items are televisions, DVD players and tools, especially among first-time pawners. Lifson’s new customers often cite the high cost of living as their reason for pawning.
“The bank account is empty, the credit cards are maxed out, and the bills are due,” said Lifson. “People find themselves in a pinch, and they come here to get money fast. They do what they have to do.”
And shoppers are also taking advantage, going to pawnshops to find cheap deals. “Today, I bought a pair of earrings that I probably would have paid about $300 more for if I bought them from the mall or a jewelry store,” said 27-year-old Art Wilcox of Waverly, as he shopped at Greenmount. “You can get really good deals right now because you have desperate people getting rid of some really nice things.”
Alpha Gold Exchange owner Nick McGowan said he’s noticed an uptick in business since late August. He says previous spikes in gas prices and increased BGE rates broke a lot of already-tight budgets.
Serious straits
“People come in with any and everything. Broken gold jewelry, old class rings and gold teeth,” said McGowan. “Recently I’ve been getting calls from people asking if we take cars. Before I’d get a call like that about once every six months. Now it’s about two or three times a week.”
Tekie Fessehatzion, professor and economics chair at Morgan State University, said he’s not surprised by the uptick in pawnshopping.
“I don’t think it is strange that people are selling personal items to meet living expenses. Times are hard, really hard,” said Fessehatzion. “I don’t think it is getting better anytime soon.”
Despite the credit crunch, Baltimoreans are finding ways to stretch and save their dollars, and thrift stores are another popular option. At Waverly’s Goodwill store, donations are down slightly, but sales are up.
“I’m seeing a lot of people coming in looking for sweaters, winter coats and blankets,” said Barbara Keith, the store’s manager. “Recently, there are a lot of new customers.”
At local thrift stores, bargain hunters can find anything from clothes to home furnishings at a fraction of their original retail cost.
“I’m surprised by the number of people in their 20s coming in and shopping,” Keith said. “For years, young people were ashamed to buy from a thrift store, but not anymore. Our customers are everybody. Doctors, lawyers, college students. Everybody is looking for a bargain right now.” {Jazzmen Tynes, Special to b}

What could you never give up, even in tough economic times?
I could never give up my studio equipment. I have a really nice amp, keyboard, microphone and computer.
Ryan Purdum, Highlandtown, 31

I can’t live without my jewelry.
Brita Paul, Canton, 22

I live for music, so I’d never sell my iPod.
Lisa Tronoloni, Fells Point, 24

My dog Nico is a big expense, but I love him so much I could never get rid of him.
Amanda Soisson, Canton, 26

I would never sell my Uggs. I’m wearing them right now because I love them. They make me feel so cute.
Kerry McAndrews, Federal Hill, 23

I own a lot of pottery, and I don’t think I would ever sell any of it. It means a lot to me.
Noami Brautigam, Charles Village, 22

I don’t think I’d ever sell my car. I saved a lot of money to buy it. I need it to get from point A to B.
Christin Entenman, Canton, 27

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