The Today Show's Jean Chatzky explains the ups and downs of pawning in the video below. If you're desperate for cash and considering a pawnshop or payday lender, she has some good tips. One pawnshop featured in the video charges a monthly interest rate of 10% on its loans which, as Chatzky points out, might be better than overdraft fees.

But watching the video, you notice lots of really expensive merchandise: luxury clothing, Rolexes, high-priced electronics, etc.

Here's the thing: if you are desperate for cash and have a Rolex, you shouldn't be looking to pawn it with the hope of getting it back. You should be looking to sell it, simplify your life, and take care of your financial future. The idea of running out of cash and then waiting for the next paycheck to get back a watch is insane.