Hard Times Barometer---Credit Municipal of Paris
Business at officially recognized pawnshops of Credit Municipal of Paris begins to improve when the economic times are hard. Parisians are queuing up to pawn their valuables in order to make ends meet.
Credit Municipal gives loans against valuables to the extent of seventy percent of current value. The interest rates charged are very reasonable. They hover between 4 to 9%. Credit Municipal is an ancient organization which has evolved over more than three centuries. It is a benign ‘Aunty’ giving temporary relief to cash strapped Parisians.
Officials claim a steep increase of business by 30%. This is a true indication of the economy of France not doing well. It is to be seen what the new Socialist French President Francois Hollande will do about the faltering economy.
You can pawn anything which has a minimum value of 30 Euros. The loan given is for a period of a year and is generally only equal to half the marketable value of your moveable property.
It is estimated that about ninety percent people come back for their valuables after paying back their loans. The objects left by the defaulting ten percent are then auctioned off. In the unlikely event of a customer’s pawned goods being sold for a profit, the lucky person is given the profit after deducting administrative costs.
People usually pawn their jewelry and silverware. Other things pawned include paintings, musical instruments, furs and furniture. A hundred auctions are held each year by the Credit Municipal. Each action can have a specific nature, for example, jewelry auction or a mixed objects sale. The buyer is given a certificate of the value of the object bought. The Auction House has enough seating for 200 people inside the Credit Municipal building.
Credit Municipal also acts as a caretaker of your valuable objects under the Munigarde plan. Muniexperts value your objects fairly.
A Griffin is the symbol of Credit Municipal. It is a mythological creature with a Lion’s body and the face and wings of an eagle.