Why Cashing In On Gold’s High Price May Not Be Such a Golden Opportunity

Getting money for stuff you don't even use is a good feeling. As someone who regularly digs through her closet for old clothes and unwanted gifts to pawn on eBay or Craigslist, I know from experience. But there are some things that even I won't sell - including gold.

As I'm sure you've heard, gold prices have been on a remarkable upward climb - the metal was at more than $1,300 per ounce as of yesterday. But you may not want to go dumping your family's golden heirlooms to pay the bills just yet, say Chicago bankruptcy attorneys. According to a recent TODAY Show investigation, scams and rip-offs abound for consumers in today's gold market.

Advertisements for companies like Cash4Gold.com make the process sound so easy - you put your gold jewelry or coins in a bag, mail it to the business and get money in return. Turns out, that's not always how it works.

TODAY researches sent out the same amount of gold - 21 grams, which is worth about $450 - to multiple companies. Not one provided customers with the full value of their jewelry. On average, they offered half; at worst, just 8 percent, or $38 in this case.

Even if you're hard up for cash, you shouldn't have to settle for pennies on the dollar - especially not on items that may have sentimental as well as monetary value. By simply having your valuables appraised by jewelers, you can get an idea of their real worth. Haggling on a price with a local jeweler can also net you a far better profit than most mail-ins.

Making the most of what you've got - whether it's selling gold jewelry or used designer jeans - is one way to boost your income. But you shouldn't have to sell your stuff to make ends meet - after all, what will happen when you run out of stuff? If too much debt has you unable to pay the mortgage, utilities, and other bills, there's a solution - bankruptcy. Learn how filing can stop foreclosure and help you pay down debt when you try a free one-on-one debt analysis with a professional Chicago bankruptcy attorney.

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