Pawn shops back in business as UK’s debt mounts up

The number of people now turning to pawn shops to bolster their finances is on the increase and the practice of taking on loans in return for personal belongings is becoming more widespread among various sectors of society.

Reuters reports that the pawning practice, which dates back thousands of years, is experiencing a resurgence in popularity around Britain as a result of mounting debt management difficulties.

“Over the last three to four years, we have noticed the amount of professionals coming into our stores increase,” marketing manager at pawnbrokers Harvey and Thompson David Towse told the newsprovider.

“It is part of a general trend that people are beginning to accept pawnbroking… The Dickensian image of the backstreet pawnshop is fading,” he added.

According to the not-for-profit organisation Credit Action, the level of personal debt in the UK increases by around £1 million every four minutes.