Borrowing Money to Get To The Fair - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Borrowing Money to Get To The Fair

"When the fair comes to town it really picks up. We actually this week probably since Tuesday people have been coming in wanting to pawn" says Fabian Leon at Erwin's Pawn. "When the fair comes to town it really picks up. We actually this week probably since Tuesday people have been coming in wanting to pawn" says Fabian Leon at Erwin's Pawn.
"You hate to see somebody sacrifice the long-term good for a short term satisfaction of the moment," says Happy State Bank C.E.O. Pat Hickman "You hate to see somebody sacrifice the long-term good for a short term satisfaction of the moment," says Happy State Bank C.E.O. Pat Hickman

People are borrowing money, sometimes hundred of dollars, to go to the Tri-State Fair.

It's a growing trend that can have long term consequences.  It cost $126 dollars for a family of four to go to the fair. That includes admission and a ride wrist band. Many families are borrowing cash so they can go.

"When the fair comes to town it really picks up. We actually this week probably since Tuesday people have been coming in wanting to pawn" said Fabian Leon at Erwin's Pawn.

Bringing in valuables like jewelry, DVD's and power tools.  They're also getting pay day loans for hundreds of dollars. Something Happy State Bank C.E.O. Pat Hickman says has a negative long term impact.

"Our past dues go up during fair time because folks have spent more of their paychecks doing something like that."

The pay rate on the short term loans is on average $20 dollars per $100 dollars borrowed.

Hickman says if you're living paycheck to paycheck and borrowing money from yourself it may take a while to recoup.

"You hate to see somebody sacrifice the long-term good for a short term satisfaction of the moment."

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