LAS VEGAS (KLAS)— As the expenses of the holiday season continue to take a toll, many in Southern Nevada are scrambling to make ends meet, which in some cases can mean selling things at a pawn shop or similar store.
“People are unfortunately needing money,” Shawn Silber, partner at Big Shawn’s Buy & Sell told 8 News Now.
The most wonderful time of year is also the priciest, and Silber said many are doing anything they can to stay afloat.
“This holiday season it’s been much more aggressive,” Silber said. “With the amount of people coming in.”
Silber told 8 News Now as inflation reaches record levels and housing remains sky-high, a lot of people have been forced to trade meaningful things like wedding rings or family heirlooms for cash.
“I’ve been in the business for 10 years now,” Silber said. “And this is definitely the worst I’ve seen.”
“They are breaking down which you’ll pay this for and how much you’ll give this for,” Silber added of clients he’s seen this season. “And then they’re like ‘let me keep the last item just so I have one last memory of her.'”
Silber also said payday and title loans have also seen a 10% to 15% uptick in 2022.
“They have no option, they need the money today,” he explained. “They are not thinking clearly of what the consequences are going to be in three months.”
Both options are incredibly difficult, but in a lot of cases, necessary just to get through the season.
“When you need rent or you need gifts for your child,” Silber concluded. “You got to do what you’ve got to do.”
Silber said though it may seem harder to sell things that mean a lot, it is a better option than taking out a loan over the holidays and having to pay it back at a later time.