Pawnshop Number Grows at 70% PA

[makapaaa]

Number of pawn shops in Singapore increasing

POSTED: 02 Nov 2013

SINGAPORE: The number of pawn shops in Singapore has grown about 70 per cent to almost 200 in 2012. This is compared to 114 pawn shops in 2008.

Credit Counselling Singapore said the demand for pawn shops may have increased as the interest rates they offer are lower compared to legal money lenders. It added that pawn shops are modernising the way they operate, and provide an option for lower and middle-income families.

Member of Parliament Seah Kian Peng expressed concern over the increase in number of pawn shops, especially in prominent areas such as town centres and MRT stations.

He said: "It would signify that unfortunately, there are quite a number of us, quite a number of Singaporeans or families who could do better with financial management, financial planning and financial literacy."

 

[Froggy]

A sign of progressive?

 

[chootchiew]

Let's all shout together .. HUAT AH !

 

[chootchiew]

A sign of progressive?

I think it is a sign that there are many PAP supporters.

 

[Leongsam]

He said: "It would signify that unfortunately, there are quite a number of us, quite a number of Singaporeans or families who could do better with financial management, financial planning and financial literacy."

Pawn shops are simply responding to market forces. The root cause is the inability of sinkies to manage their finances.

 

[Narong Wongwan]

Casinos
Unemployment
High cost of living
Unaffordable medical bills

Sinkies are indeed fucked

 

[Equalisation]

Many years back, I pawned my gold tooth. After few months, I redeemed, but the tooth rotted !:(

 

[Sideswipe]

learn to live within your means.

 

[blackmondy]

What about porn shops ? On the rise too ?

 

[laksaboy]

Casinos and pawnshops go hand in hand like sea anemone and clown fish.

Check out the number of pawnshops in Macau and Vegas. Coincidence?

 

[Clone]

Not to mention the licensed moneylenders located in the heartlands...