Ali’s blog

Mostly quant stuff with occasional digressions

One sector of the economy that’s doing well

Posted by alifinmath on January 26, 2008

Pessimists and cynics like myself often miss positive developments. Not all is doom and gloom. One area of the economy — a gleam of sunshine in an otherwise bleak economic landscape — is doing well:

US pawnbrokers benefit from hard times

Hard times in the US are benefiting pawnbrokers as beleaguered consumers pledge jewels, electronics and other goods in return for loans with interest rates running as high as 300 per cent a year.

Dave Adelman, president of the National Pawnbrokers Association, said the number of loans at US pawn shops had risen 15-20 per cent since October. He attributed the increase to rising fuel prices and deteriorating economic conditions – an assessment echoed by other industry executives.

I’m sure auction houses dealing with foreclosed property are also having a field day. Gotta look on the bright side.

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