USA Today: Need cash? Pawn shops edge into the mainstream – November 24, 2011

On November 24, 2011, USA Today published an article by Candice Choi, Associated Press Personal Finance Writer regarding the pawn industry. She quoted Edward Bean from Suffolk Jewelers & Pawnbrokers in the article. Read the original article here, or below:

Need cash? Pawn shops edge into the mainstream

By CANDICE CHOI, AP Personal Finance Writer –

NEW YORK (AP) — Pawn shops are beckoning from the shadows.

At a time when banks have shut their doors on those with bad credit, a growing number of borrowers are pawning their jewelry, electronics and other valuables to make ends meet.

Consumer advocates say the development is concerning because the interest rates on loans from pawn shops can be as high as 20 percent a month. But pawn shop operators say they provide a critical lifeline to a group with few other options.

“It’s a collateralloan — it’s designed to bail someone out and be done with it,” said Ed Bean, who owns Suffolk Jewelry & Pawnbrokers in Boston.

Boston Herald: Floating on Golden Pawn – August 13, 2011

This article ‘Floating on Golden Pawn” was published in the Boston Herald on August 13, 2011. The article was written by Thomas Grillo.

A gold rush has hit the Hub as stock market uncertainty has driven the precious metal to record highs and local pawn shops are seeing steady traffic and paying out higher prices.

“Our business is doing triple the volume on gold buying since prices started their dramatic rise,” said Edward Bean, president of Suffolk Jewelers & Pawn Brokers in the South End and past president of the National Pawn Brokers Association. “We’ve raised our buying price for gold four times in the last month alone.”