123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Pawnbroking Industry Is Gaining New Momentum

Profile Picture
By Author: FishPawnBroker
Total Articles: 29
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

In the present global economic and credit crisis situation, I witnessed something which I never expected to witness during my lifetime. Pawnbroking industry, once more, is becoming a highly respected and heavily trusted customer credit source is that incident? Pawnbroking is the oldest surviving form of consumer credit and is in practice for over 3000 years, the reputation of the industry was ruined, especially in the UK, due to various reasons, in the last century.

By 1980, the industry was visibly suffering from low reputation and had shrunk slightly in size and at times, it was even considered to be a form of anachronism. Pawn shops were thought to be source for money for thieves, drifters and indigents. The mainstream consumer credit adopted an overzealous attitude and allowed pawnbrokers t come back to life. This was the result of an increased need of consumer credit, mainly fuelled by the aggressive marketing of the mainstream lenders. We knew very little of what to expect.

However, the pawnbroking industry continued to thrive and flourish and by 1990s, the publicly owned pawnbroking company came into existence. ...
... This was the first of its kind and the industry was amazed. As these companies kept forming, and more importantly, growing, the industry turned around and the level of professionalism became predominant culture in these newly formed companies. The industry regained lost respect and became the source of urgent and short term consumer credit, once more. Pawnbrokers wanted to wash away the stains on their reputations but a majority of considers were still being the proverbial burnt child and were hesitant to believe them.

However, by the 2000s, the overblown bubble of consumer credit began to lose air. The sub-prime mortgage industry started the bandwagon and soon, many other industries followed the suit. The government handled the situation well and the greedy were judged and the economy took a new turn. Now we see the very same consumers taking a renewed interest in the lowly pawnbrokers. Their perception of these pawnbrokers seem to have changed with time. Queen Henrietta Maria took pawn loan, in 1600s, to help her husband with funds for his war. The same importance can be placed on the mortgage of a recreational vehicle for a pawn loan to stop the foreclosure of the main residence. While this comparison might seem exaggerated, the pawnbroking in UK is on the rise again. This time they have the opportunity to rewrite the history and change the common perception about them, for once and all.

Total Views: 528Word Count: 416See All articles From Author

Add Comment

Business Articles

1. Single Screw Plastic Extruder Demystified For Manufacturers
Author: ADVAN

2. Leed And Its Impact On Today's World
Author: Agile Advisors

3. Enhancing Safety And Sustainability: Tempgenius Blood Bank And Environmental Monitors
Author: Chris Miller

4. Verg Restoration
Author: PAVEL VERGULYANETS

5. Key Players And Competitive Landscape In The Insect Pest Control Sector
Author: MarketsandMarkets

6. Earthing Rod And Its Types
Author: EARTHING ROD AND ITS TYPES

7. Unveiling Excellence: The Journey Of A Pcb Manufacturer And The Innovations In Rigid-flex Pcbs
Author: Shenzhen Shuoqiang Electronics Co.,Ltd.

8. Exploring Multilayer Pcbs, Aluminum Base Pcbs, And Choosing The Right Pcb Supplier
Author: Shenzhen Shuoqiang Electronics Co.,Ltd.

9. Best Wati Alternatives In 2024 To Improve Customer Engagement
Author: Vilas

10. Revolutionizing Retail Spaces With Architectural Cad Design And Drafting Services
Author: Pavantheaecassociates

11. Professionell Diskning I Stockholm: Ta Hjälp Av Erfarna Diskare
Author: hemstandind i sigtuna

12. Canva Acquires Design Platform Affinity To Bring Professional Design Tools To Every Organization
Author: otis

13. Best Static And Dynamic Website In Mumbai
Author: Techstreat Web Solutions

14. Mastering The Road: The Essential Training For Becoming A School Bus Driver With Northstar Bus Lines
Author: Northstarbuslines

15. Exploring The Potential Of Hydrogen Technologies: A Clean Energy Revolution
Author: yogitamnm

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: