High inflation and higher prices push consumers to borrow some cash just to get by

Financial duress comes up in ways you might not expect now that we’ve dealing with scorching high inflation, sky high prices of gas and prices of food fuels fears about inflation and recession.  Inflation possibly peaked in July. However, it doesn’t really matter that much for people who have to juggling high bills, higher food and gas prices and rising credit card debt. 

Inflation is high everywhere. It is hitting everyone badly.  It doesn’t matter what your economic situation is, whether you are a Rolex owner or you only have your wedding ring as the most valuable gold jewellery you have in your jewellery box. These days younger families as well as small business owners who find it hard to make ends meet are now turning to alternative lending like Melbourne pawnbrokers to make a little money to pay your bills. Families with school going children find themselves scrambling for a bit of cash to pay school fees. It is harder now to be a single bread winner with two kids and a mortgage than it was before. This is why a lot of women are dipping into their jewellery boxes to get those gold jewellery and other baubles they have no real need of.  It’s worse for single mothers going through a divorce as a lot of married couples seem to be doing these days. The recession has put a strain on marriages and wedding rings have become hot commodities to hock to a pawnbroker. 

The price of gas has been going up since 2020, it eased a bit but not enough to bring relief to consumers. The price of food and other essential things has also gone up, especially when Russia invaded Ukraine and having to cut off gas supplies to a lot of countries who get their gas from that part of the world. 

Consumers are highly stressed out financially. The thing is that life continues. It might be getting more costly and complicated for many to figure out how to deal with the road bumps along the way. The good thing is that pawnshops provide an easy solution for a lot of consumers.  There is only so much that you can cut back on and with so many people having lost their jobs during the pandemic, everyone is feeling the pinch. We could all cut back on our meat consumption and become vegetarians but vegetables also seem to be expensive Getting the most basic foodstuffs will cost you more than a $100. 

Clothing and jewellery have become some of those things that people are comfortable pawning or buying from a pawnshops.  You would think that pawnshops would also have taken a hit in these dark times. Yes, some have but a lot more have gone on to flourish as more people learn about what Melbourne pawnbrokers can do to make their lives a little bit better.  Take care of your family and your loved ones. If you have valuable items like a gold wedding ring you don’t wear anymore , there is no reason why you shouldn’t be able to sell it  (or at least buy yourself some time by pawning it until things get better).