Millennial debt has crept up to over 1 trillion dollars and is growing steadily. Credit card debt is one of the biggest causes of this dilemma, while student loans and mortgage debt follow closely behind it.
Although this may not be great news to the average millennial, it is an opportunity for pawnbrokers to gain more exposure to millennial business by finding a new generation of customers to serve. The growth rate of the pawn industry goes hand in hand with the nation's debt growth. The fact that most millennial debt is obtained through the use of credit cards tells the pawn industry one major thing; most millennials believe in the use of credit, which is a service pawn shops are able to deliver.
According to IRS data from the end of 2018, 55% of adults between ages 18- 35 make less than 25,000 annually. By taking a look at the numbers only, it’s clear the millennial generation needs a bit of financial assistance. Local pawnbrokers can serve as an additional financial outlet; it’s just a matter of educating this generation on your services. Even though millennials make up the largest living adult population, many of them are unaware of the no hassle resources pawn shops can provide. The more knowledgeable you are on millennial debt, the more chances your shop has of benefiting from it. Click the link for additional information on the millennial debt problem.