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| Monday, September 1, 2008 |
| Pawn Instead of a Loan 1 |
It's not just the lower and middle class who are feeling the heat in light of the ongoing credit crunch. More and more members of the higher classes are now starting to struggle with the current financial situation in the UK, but not to fill the fridge or heat up the family home, to fuel their yacht or make a deposit on a villa or sports car.
When a wealthy person needs cash quickly, they might feel somewhat embarrassed entering their local bank asking for a large sum of money so they have turned to another solution, the pawnbroker.
Pawnbrokers have reported a 25% percent increase in business over the past two months with more and more high valued possessions being deposited to obtain an instant large sum of money.
This ancient tradition has always been around and has always been an essential service for some, for example builders may pawn items to pay their labourers one month if a job does not pay in time.
It seems that with the impact of the credit crunch. Pawnbrokers have stated that even the likes of footballers are pawning their favourite possessions such as their sports cars or jewellery to pay for their villas in the Caribbean or luxury yacht in Marbella.
Most of the clients are return customers, an expert stated that "Indeed, one lady regularly brings in a £200,000 Edwardian diamond tiara, to release a bit of cash when she needs to pay a bill. One family has been pawning the same necklace for three generations".
Article SourceLabels: About Loan |
posted by Khate @ 1:38 AM  |
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