More of us are pawning our valuables
Press Association
Pawned guitars in McCarthy's, Jewellers and Pawnbroker in central Dublin.
Cash-strapped Dubliners are turning to pawnbrokers to sell their sentimental treasures for fast and easy money.
Pawnbrokers around the city have noted the increase in business as more and more people are forced to part with their property to make ends meet.
Pat Carthy of Carthy Pawnbroking on Marlborough Street revealed he had seen a surge in his business since the start of the recession, with people willing to pawn jewellery and musical instruments. Fawsi Husnoo, manager of Cash Converters on Thomas Street agreed.
"It's quite busy. People are selling pretty much everything, jewellery like gold chains and bracelets."
Mr Husnoo also said that people are not buying as much as they are selling. "We do buy back where they leave it with us for a month and we ask for 30pc of what we bought it for." Eamonn Gallagher owner of Cash Convenience Dundalk says: "We've found an increase of about 15pc since October and especially with the period coming up to Christmas."
Price
He said people are coming to his business to avail of buy-back, which allows them to sell their items but buy it back later at an increased price. Mr Gallagher said people could often be upset when handing over their items. "Especially if they give us something that's sentimental. Even if they can't afford to buy it back, they'd ask us not to sell it."
However, he added: "The business is dependent on sales and our sales have decreased. It's very hard to sell anything. There's no money out there and it's as simple as that."
Mr Gallagher added that business has been "up and down" since they opened in 2005. He says that buy backs are popular but Irish people have too much pride to sell their things to a pawnbroker. "Irish people still don't understand buybacks and pawns," he says. "Those that do are the older generation, that don't actually need the money now.
"People come in and say 'I'd rather dump it than give to to you." He added: "It's mainly young men builders we're seeing, selling computers, laptops, hi-fis and things like that."
hnews@herald.ie
- Geraldine Gittens
