Number of pawn shops in Singapore increasing

Number of pawn shops in Singapore increasing

    POSTED: 02 Nov 2013 16:30
 
The number of pawn shops in Singapore has grown about 70 per cent to almost 200 in 2012. This is compared to 114 pawn shops in 2008.

SINGAPORE: The number of pawn shops in Singapore has grown about 70 per cent to almost 200 in 2012. This is compared to 114 pawn shops in 2008.

Credit Counselling Singapore said the demand for pawn shops may have increased as the interest rates they offer are lower compared to legal money lenders. It added that pawn shops are modernising the way they operate, and provide an option for lower and middle-income families.

Member of Parliament Seah Kian Peng expressed concern over the increase in number of pawn shops, especially in prominent areas such as town centres and MRT stations.

He said: "It would signify that unfortunately, there are quite a number of us, quite a number of Singaporeans or families who could do better with financial management, financial planning and financial literacy."

- CNA/ac

- wong chee tat :)