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Credit Crunch

You are in: Stoke & Staffordshire > Credit Crunch > Pawn shops thrive as credit tightens

gold and silver pendants

Pawn shops thrive as credit tightens

There's been an increase in the number of people going to the pawnbrokers and Darrell Robson who owns a pawn shop in Stafford reckons it's because of the downturn in the economy.

There's a lot of doom and gloom around at the moment when it comes to the economy. The price of fuel and some food has rocketed recently and the housing sector looks like it's in for a bumpy ride.

But in times when money might be tight, what would you do to get some fast cash? Well have you ever thought about a pawnbrokers?

It seems rather old fashioned to think about pawnbrokers but some say that you can actually gauge the economic climate by these shops.

Quick cash

Darrell Robson who runs a pawn shops in Stafford says that he's noticed an increase in the number of people off-loading old bits and bobs for quick cash - selling twice as many household items than normal.

Darrell's also noticed that the number of people buying from him has gone down rapidly. He claims it's because of the credit crunch. BBC Radio Stoke's Dan Tierney went to meet him...

Pawnbroking has a long history - its roots go back to ancient China.

The symbol of the trade - three gold balls - was part of the Medici family crest in 15th-Century Italy.

last updated: 14/07/2008 at 15:24
created: 12/07/2008

You are in: Stoke & Staffordshire > Credit Crunch > Pawn shops thrive as credit tightens



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