One of my favorite TV shows is Pawn Stars and I just found out that it is one of the most, if not the most, popular TV show on Cable TV.

Whenever someone comes into the shop with something, the consumer is asked if he wants to pawn it or sell it. Everyone says sell it on this show. On another pawn shop show on another network many say "pawn it."

So what's the difference?

The difference comes down to this: do you want the item back? If you don't then go ahead and sell it. But before you sell it in a pawn shop, have a good idea about what it really is worth -- including what you could sell it for elsewhere. Pawn shops buy items that they know they can turn a profit on later, and the quicker the turn around (the quicker the sale) the better the price you will get when you sell something to a pawn shop.

Pawn shops make loans on item depending on the item's value, and what they can sell it for later if the borrower doesn't pay off the loan to redeem the item. Pawn shops also charge a high interest rate, so if you are going to pawn something borrow no more than you really need because that loan money is very expensive loan money.

And by all means, shop around for loan rates among pawn shops-- some can discount.

And by taking the minimum loan amount, you have a better chance of having the money later to redeem your item and get it back.