Sunday, December 4, 2011

Mushrooming of Pawnshops All Over S'pore like Weeds

More & more pawnshops all over the tiny island. Just in Clementi alone where i stay there are 5 pawnshops at the town centre within 300m of each other! It indicates 3 things:

- people buying things beyond their means
- liquidating items in desperate bid to clear bills & debts
- people gambling with their hard-earned $$ which they can ill-afford to lose.

1 pawnshop


2 pawnshops


3,4 pawnshops(competitors next to each other)


5 pawnshops

Huge part of the economy is debt driven. Is already a matured economy. How much further can an economy grow when many people are already in debt up to their eyeballs?

In the area of Buona Vista, the pawnshop(below pic) is situated right beside the bank with its ATM machines...... As if bank account is dry there is pawnshop...


Tons of bad debt among the populace.

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