Here we go nearly Xmas, everyone is short of money for all those extra presents and to try and keep the kids happy. It's a the classic time to borrow money and get further into debt. Well, certainly in my household it is an annual tradition.
And yet today we can see that pawn broker Albermale and Bond is having a very rough time of it indeed. Their business needs restructuring, the profits have collapsed and they are having to sell shops. Of course, hubris as always has a nice role to play, just when Gold went into a price bubble they double down by opening more stores.
Now that gold has fallen back, to still historically high prices, they have been hit. It's hard to say what effect Wonga and other payday lenders are having too, after all, if you can borrow without offering goods as physial security then from a personal perspective that is a much better thing to do. Still, surely there is a supply of gold and unwanted watches for them to suck up?
Perhaps then it is a good indicator that the economic recovery is having some small impact - if only that the desperate are at least one notch less desperate than they have been for the past 5 years or so.