It seems like the U.K. banks have many things to settle, as they’re having a tougher regulation now.
Mr. Alistair Darling, the honored Chancellor of the Exchequer, had already outlined a new council to observe the financial stability. However, they’re keeping the current system of regulation during the observation.
Meanwhile, the Conservatives claimed that it would be better to abolish the current system and give more supervision power to the Bank of England!
George Osborne, the Shadow chancellor mentioned the government’s reforms were totally an “inadequate response” to the economy crisis.
According to Alistair Darling, the financial system is essential, as it to ensure robust regulation between banks and financial institutions, so they could be better managed and organized!
Well, there will be more arguments about this reform, and I’ll keep you all update, when I have the latest news about it…
The economic turmoil has left a deep impact on the global economy. Many countries have been greatly suffering, thanks to this unexpected event!
Honestly, China is one of the few lucky countries in the world, as it doesn’t affect with the economy turbulence, as its GDP is expected to be over 6% this year!
Meanwhile, the China’s $8 billion luxury market has been reported to have a 7 percent growth rate this year. The economists said that the global downturn didn’t have any big impact on China’s luxury goods’ market. In fact, this year selling rate is the highest compare with the last few years!
Hmm…, it seems like the Chinese have some good appetite on the luxury goods day after day. Maybe, it’s the good opportunity for the well-known product, such as Gucci, Prada, LV and so on to open up more new stores and conquer the China’s luxury goods market.
Nowadays, people are living with their dreams, a huge comfortable house, a luxury car, a high pay job and blah, blah, blah… Believe it or not, these desires are the momentum that pushed us to the limit!
Some countries governments always encourage their citizen to spend more in daily life, as it not only helps to boost up the country’s economy, but create more jobs opportunities as well!
I remembered that I’ve done a survey about the amount of credit card holders for my third year’s report in college. Honestly, it’s totally suck standing on the street corner, stopping down most of the walk-by people and ask the question, “Are you a credit card holder?” Trust me, I nearly frozen into an ice cube standing four hours in the outside during the winter season for consecutively a week!
However, I quite satisfied with the survey result, as I discovered that seven out of ten people are credit card holders. Furthermore, three out of the seven people have more than two credit cards! Another interesting fact I’ve collected was almost 80 percent of the credit card holders are having problem to pay off their debt on time.
Gosh, it’s even shocking that most of the people who having mountains of credit card debts are those between 18 to 30 years old. I found out those people that being trapped by the credit card debt were mostly the big spenders!
Ironically, I received a phone call from a stranger called Keisha. She’s one of those who participated in the survey. She asked me if I have any good idea to get her out from the misery of credit card debts.
In this case, I advised her to look for the credit card debt consolidation. I told her that she should evaluate the company’s history and reputation first, before she’s jumping into the bandwagon.
Secondly, it’s better to read the news and have a detailed check on the company’s financial records, as it helps you to recognize the company better. Honestly, you don’t want to get involved, especially with the company who having financial problem and might have the chance of declaring bankruptcy anytime, isn’t it?
I also told Keisha the worst thing that might happened, if she cannot pay the credit card debts on time. When this situation occurred, she has no choice, but to get herself into the credit card settlement. This is the best option to avoid her from the unwanted bankruptcy.
As a conclusion, I learned a valuable lesson from the survey. It’s better to be frugal than overspend, as it helps us from getting trapped with the enormous credit card debts!
Wilson Pon
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