Buy now, pay later, is ideal for those with a want it now can't wait attitude.' The so-called flexible friend enables many people to shell out on the latest designer fashions or electronic gadgets they otherwise can't stump up the cash for.

Some people no longer stick to the philosophy of saving in the face of the temptations to keep up with the Joneses.

Analysts at business research firm Datamonitor found the average Briton now owes just over £3,000, almost twice as much as the average European. Total personal debt in the UK, including mortgage debt, is estimated at a staggering £1.2 trillion so it's no wonder the country's insatiable appetite for credit' is being blamed for its spending predicament.

Add to that recent hikes in credit card interest rates and it seems Britain's spending looks set to spiral out of control. Research by personal finance information company, Moneyfacts found 19 card providers had increased interest rates in the last three months, some by as much as 12.1 per cent, prompting more people to find other sources of credit.

The most popular way to satisfy short-term cash flow is an industry once seen as a demeaning way to solve debt. Pawning is a loan set against an item like jewellery, left by the borrower, usually over a three to six-month period. Interest is usually seven per cent. If the borrower doesn't buy the property back, it is sold in the shop.

For those who can't otherwise get their hands on cash from banks or credit card companies because of a poor credit rating or other reasons, it's an alternative and easier method.

Pawnbroking had become a well-established form of borrowing by the turn of the 20th century but almost died out after the Second World War due to the introduction of the Welfare State.

However, Britons' spiralling spending is spelling big business for mankind's oldest financial institution which began more than 3,000 years ago in China when farmers pledged their machinery to get them through lean times.

Nathan Finch, assistant secretary general of the National Pawnbrokers' Association, says a survey of customers carried out by one of their largest members found 60 per cent were borrowing to buy a luxury item.' The appeal of pawnbrokers, he explains, is customers can get the cash within minutes and without having to go through the lengthy process of arranging a bank loan.

"Another reason why pawnbrokers are busy is they've upgraded their image. For a number of years they have had shops on the high street and members of the public are, as a consequence, shopping there more and realising they are able to satisfy a short-term cash-flow need," says Mr Finch.

Richard Towriss, assistant manager of Harvey and Thompson, one of Bradford's long-established pawnbrokers, believes the perception people had of the industry has also changed.

"It was seen as a bit of a back street operation but it's definitely come on and there are now more and more opening up. It's big business and I think the biggest appeal is it's easy money.

"You can come in and get a small secured loan against a bit of jewellery and you can get your shopping or do whatever you want to do. You pay your money, a bit of interest, and the debt is gone and there's no risk involved."

The only risk is that, if you fail to pay back the debt within the specified time, the item you take in will be sold.

Jane Coates, manager of Herbert Brown, Low Street, Keighley, a business built on pawnbroking, remembers cars and boats being exchanged for cash when she joined the company 11 years ago. "It was just fading out when I came in. We also did electrical items for a while," says Jane.

Nowadays they only take jewellery and, according to Jane, it's the financial bread and butter of the business' proving pawning is a popular way of securing a loan, no matter how big or small. One of the most expensive pieces taken in was a £20,000 watch.

Says Jane: "Generally we are cheaper than any banks, the interest rate is cheaper and there's no form-filling."

Nisar Afsar, debt advice co-ordinator for the national charity The Family Welfare Association based on Bradford's Canterbury Estate, spends his working life dealing in debt. However, his clients aren't funding a luxury lifestyle. The majority tend to be working families whose minimum wages won't meet basic needs such as mortgage repayments or topping up rents.

In those instances, and for those who can't get credit rating, pawnbrokers provide an alternative means of getting instant cash and that, says Nisar, is why they're so popular. He says he's even known students in the city pawn their TVs to help fund studies.

But the answer is dealing with debt itself and that's down to the individual. According to Nisar the average debt in Bradford stands at £8,500. The only way to tackle it is by employing more debt advisers like him who can help people in debt find a solution to their problem.

"Debt is nothing new but the worrying thing is it's on the increase day by day and it's ruining families, relationships and having a major impact on bringing up children," says Nisar.

His solution? "Early intervention into debt problems," he says. He also wants to see the expansion of specialist debt advisers based in areas such as Social Services and the NHS.

"We need that increasing because it would free up a lot of the NHS and Social Services and that would alleviate the financial stress," says Nisar.