We've all had times when money is a little bit tight and we could do with a money boost. But would you consider pawning your favourite designer bag for a little extra cash? Apparently more and more of us are.
The National Pawnbrokers Association (NPA) has a reported 15% growth in business last year, and many pawnbrokers are now happy to take high value fashion items like Hermes or Mulberry handbags as collateral against a loan. With pawning, you can get your collateral back within six months as long as you pay off the loan - so it's not like losing the item forever (if you had to sell it).
The trouble is, you'll only get about half the value of the bag as a loan - and if you can't keep up with repayments, you do lose your bag for good.
The reality is, in this current recession, we're all looking for ways to earn a little extra money. Whether it be cashing in gold jewellery we don't use, doing an eBay upload or pawnbroking.
Could you part with a designer bag for a few months if it helped pay some bills?
Source: Daily Mail
