High Oil Price Sparks Run On Pawnshop

[george]

High oil price sparks run on pawnshop

BURIRAM: -- The Muang Buri Ram municipality pawnshop is in danger of closing after a flood of residents affected by high oil prices turned to the service for quick cash, its manager said yesterday.

Suwan Saenmai said the continuous oil-price hikes and the subsequent higher living costs had affected many residents from all walks of life.

As a result, Suwan said, between 400 and 500 people a day – around double the normal number – were turning to the business to pawn items.

He said the shop had been spending Bt2 million a day and had depleted its Bt70 million in cash reserves, as well as the Bt2 million it had already borrowed from the municipality, a month ago.

The pawnshop will ask the municipal council to allow the business to borrow Bt15 million from banks so that it can stay afloat, he said.

--The Nation 2005-07-20

[stumonster]

this is probably common across the country , but whether it is only an aberration caused because of monthly pay checks being the norm combined the increase of oil prices.

I imagine the gold shops might also be in the same situation.

the price for a motocy to the main road from my moobarn has increased from 7 to 9 baht last week .

[astral]

Isn't it crazy to pawn items to buy petrol?

How will you ever get them back?

Better to stay at home and not use the petrol.

Same mentality as the idea of Pay your Taxes on your Credit Card.

Duhhhhhhhhhhhhhh.