Pawn Shops in Vogue
Pawn shops in the UK and the US are now being patronised by the chic
As even they struggle to raise a loan from baled out banks and mortgage lenders. One chain of pawn shops in the UK holds a huge art collection pawned by a well-to-do patron, while a chain of pawn shops in the US recently lent $17,000 on a historic Philadelphia fire hat worth around $50,000. The same chain of pawn shops in the US holds 30 guitars, worth $170,000, from a Grammy Award-winning Philadelphia musician who is over-extended on property.
A respected economics expert observed “Upper-income people are in pawn shops in force nowadays, needing money right away to meet payments. Even middle and upper income people are visiting pawn shops in their search for a loan. They’ve borrowed so much, their credit-card bills are high, and their house values are going down. Pawn shops in the UK and the US are providing highly appropriate solutions to such people.”
A UK pawnbroker said, “The upper middle class is visiting pawn shops in their area, because they are feeling the crunch like never before. They’re bringing diamonds and gold to pawn shops in increasing numbers to pay for margin calls on stocks. These people are used to paying their bills, no problem. Now it’s a whole new world. So maybe they won’t go on holiday this summer, and they’ll pawn jewellery to fix the roof. Without the service provided by the pawn shops in their area, they would have few options.”
