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POVERTY: Pawn shop

Pawn shops replace banks for some in lower-income neighborhoods

In today’s economy, people aren’t buying, they’re selling. Sales in pawn shops have decreased dramatically in recent years, and more people are taking out loans on items in order to get the cash they need to make ends meet. Pawn shops have been referred to as the “poor man’s banker,” but the owner of Albert’s Pawn Center in Chandler says the shop’s customers range from the upper-middle class to the homeless. Cronkite News reporter Emily Johnson has more.

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