16 May '13, 3pm

This country's citizens are taking to pawn shops to cope with the high cost of living

This country's citizens are taking to pawn shops to cope with the high cost of living

Singaporean housewife Siti Khadijah Abdul Rahman accumulated a few thousand dollars' worth of gold accessories over the past two decades, but now a rising cost of living is forcing her to pawn them. With a stretched household budget that must also cater to school expenses for her two teenaged children, the 49 year-old is pawning her gold to relieve pressure on her security guard husband, who earns Sg$1,500 ($1,211) a month. "Pawning is better than going to friends or family when you have budget problems," said Abdul Rahman. "When I have money, I will claim it back." She is one of a rapidly increasing number of people opting to take short-term pawnshop loans to try to keep up with rising prices, in what the Economist Intelligence Unit has ranked the world's sixth most expensive city to live in. Singapore's pawnshop industry has seen phenomenal growth at a time when rising p...

Full article: http://www.huffingtonpost.com/2013/05/16/singapore-pawn-s...

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