Pawn shops boom…in Russia
March 24, 2010 | alternatives, international | Comments (0)From the story:
The clients who descend into Nadezhda Sedova’s basement pawnshop often unload their problems along with their valuables. Some are struggling to pay for medicines, others are living paycheque-to-paycheque, still others need a cash injection for a much-needed holiday.
“I hear stories about their families and their grandchildren,” Ms Sedova said through the small window in the protective booth where she sits. “Sometimes it’s easier for them to talk about their problems with strangers than with friends or families.”
The economic crisis has hit Russia hard, with rising unemployment and large swathes of the economy in decline. But for pawnshops such as the one Ms Sedova manages near a busy metro station in northern Moscow, business is brisk. With fewer available bank loans and a significant rise in the price of gold recently, increasing numbers of Russians are turning to pawnshops to make ends meet.
Comments»
No comments yet.