Pawnbrokers have seen record levels of trade in recent months as consumers struggle to become debt free, according to reports.
Households are being hit by rising energy bills and a tightening of credit agreements, with many people resorting to selling their possessions in order to raise cash, reports the West Midlands Express and Star.
The issue of debt management is becoming increasingly serious for people across the region and debt helplines have been receiving ever more calls for help with personal finance disasters, the local newspaper has claimed.
Furthermore, National Debtline has indicated its own suspicion that the debt management problems for consumers in the West Midlands and around the country could be set to get “much worse”.
A report from Grant Thornton earlier this month suggested that around 10,000 people in the UK will declare themselves insolvent each month of this year.