Pawnbroking Surges 25% as Cost of Living Crisis Drives Brits to Pawn Possessions
-
Clare Adams pawned her wedding rings for £200 to pay bills due to rising costs. Pawning is on the rise - up 25% in the past year.
-
Debt charities warn pawnbroking can worsen financial problems long-term, but is a quick source of cash for some.
-
New FCA figures show £440m loaned from pawnbrokers last year, up from £351m. They say it can help some financially.
-
Customers pledge an item for a loan of 50-60% of its value. Interest of 7-8% monthly is charged. Items can be redeemed by repaying loan plus interest.
-
Geoffrey Simmons has pawned 40 items over 6 years to help pay bills on his state pension. He calls pawnbrokers a "godsend" for older people.