DEMANDS OF PAWNBROKERS AT RECORD HIGH AMIDST COST OF LIVING CRISIS

Recently in the news, the H&T Groups pledge book hit a record high at the end of June, at £84.2m. The truth is it is up by 74% from £48.3m in the previous year. This is because several people have been pawning their items to borrow money from large pawnbrokers in Britain amid escalating living costs.

But the truth is that we are also seeing the same pattern happening at Melbourne Pawnbrokers. According to a trading update on Monday, the H&T Group pledge lending is secured against the client’s valuables like gold jewellery and watches.

The fact is that the same thing is happening right here in Australia as more people are trying to close the gap with inflation. As a result, people are finding it difficult to make ends meet. According to Shore Capital investment bank, the British pawnbrokers’ growth is prompted by customers’ squeezed finances even with the 40-year high inflation.

It all happened with COVID-19 and then the Russian invasion of Ukraine; globally, everyone is feeling it. Borrowing from a pawnbroker in Melbourne also exceeded the pre-pandemic high as the cost of living and high-cost credit space are all the results of this.

Furthermore, the cost of living crisis will likely continue leading to the support and demand for pawnshops. Different economists expect that the household finances will hit further into autumn as fuel keeps going up, reflecting high prices on the global wholesale markets.

We even see growth across different pawnbrokers’ customer bases as they offer additional services to the public. These include buying and selling gold jewellery to other items. Furthermore, pawnshops offer customers loan services against valuable items like gold watches, engagement rings and more.

Still, pawnshops in Melbourne are delighted with their progress entering the year’s second half. Many people in Australia still feel the crunch of inflation and the soaring prices of food. So, what is there for people living in Melbourne to do?

Unfortunately, the only thing they can do is head to a Melbourne Pawnbrokers for help. But instead of taking out a loan against their expensive Rolex watch, gold coins, or silver bullion collections, they have the choice of selling the items.

If you think of it, selling gold jewellery will bring in fast cash. The best part is you need not pay any interest rates or repay a loan with a pawn ticket to retrieve your valuable. So, if you have unwanted gold jewellery you are not wearing without sentimental attachment, then offload it to pawnbrokers near me.

The selling process is simple, and you can get cash on the spot. With the pawn dealer’s experience, they know what popular merchandise is coming through the doors. Even determining the value of gold, silver, or other precious metals is not difficult for them.

If you have a gold bracelet or ring, you can quickly look up the spot price of gold to get a rough idea of its worth. But if you are unsure, the pawnshop will evaluate the item to present you with a buyback price. At least you will be able to fill the gaps without the need to repay loans just to buy food or pay for unforeseen expenses.

While pawnbrokers in Melbourne are hitting records high in their books, they are there to help you get out of a tight spot. Turn to one today if you need financial help.

James Webb