I was gonna write something witty to go along with that headline, some tie-in between Scottsdale and London, overconsumption, false fronts, and how debt doesn't equal wealth, but figured you guys could do an even better job.
Have at it.
Wealthy parents are taking their Rolexes, Aston Martins and diamond rings to pawnbrokers to pay private school bills and holidays as the credit crunch continues to bite.
Rich professionals are using their valuable assets as a returnable deposit, or 'pledge', to secure a short-term, no-questions-asked loan.
One pawnbroker reported a "significant increase" in the number of high-value items being pledged in the last year and noted repeated visits from some professionals.
June 15, 2008
Posted by blogger at 6/15/2008