Our friends across the pond are having a rather tough go at the economy themselves these days. With the Eurozone crisis deepening in the UK and across Europe, Brits are apparently turning to pawning their prized possessions to make ends meet. Smart decision, in my book. I think that in the end, you can’t take anything with you, and stuff is just stuff. When push comes to shove, of course it’s a good choice to sell your Prada purse to pay your mortgage. I am pretty sure there are a lot of Americans who can relate to this story, so if you are out there reading this, you are not alone! Samantha Downes of the UK newspaper The Independent wrote,
“Using valuable items such as jewellery or luxury motorcars as security for a loan, has become an increasingly popular way to raise cash during the recession. But just how safe is it and what are the alternatives?
In the years leading up to the credit crunch borrowing was cheap. As a result, many Brits splashed out on high-end items such as designer handbags, jewellery, and luxury cars.
The consumer boom may have ended in 2008, but the value of many of these items has persisted, if not increased.
So now people are turning to the items they bought in the good times to see them through the tough times, by using them as security for a loan.
Traditionally, jewellery has been used by cash-strapped families to raise money quickly, but since the recession pawnbrokers have seen a rise in the number of more modern items of value, such as designer handbags.”
To all my British friends and other acquaintances overseas, keep your heads up guys. We’re all in this together, and we’ll pull through. What is it that you say? “Keep Calm and Carry On”? I like it. Do that.