‘Families pawning belongings to pay for food as inflation bites’
People on low incomes are pawning household goods to pay for food and rent as the cost of living rises, new research shows. The Social Market Foundation said that pawnbroking is an essential source of credit for some customers, who feel they have no alternative ways to borrow.
The importance of pawnbroking to people on low incomes is likely to grow as the cost of living rises, the SMF said in a report based on extensive interviews with pawnbroking customers.