Pros And Cons Of Credit Cards English Language Essay

Pros And Cons Of Credit Cards English Language Essay Nowadays credit cards are of great convenience. Credit Card is a kind of bank plastic cards, which is tied to the personal account of the bank, which bank offers the customer with a credit line without filing liens and guarantees. AS a fact, to get a credit card is more complicated than a debit card as a credit card means the loan. Typically, a credit card issued by a commercial bank to obtain consumer credit for any urgent needs of the client, as this is the easiest option of processing the loan and the original amount of the credit facility is generally not very high. Credit card should be used wisely and cautiously. The main advantage of a credit card is the use of the credit funds. If people receive a consumer credit, they must pay interest on a loan. A credit card is a convenient way to pay for the goods and services. As a fact, nowadays people pay no more attention to the cash money, as they have credit cards. If a person does not like to ask to borrow money, banknote may be fall-back option in case before the wages are not enough money. A credit card is absolutely indispensable when booking a hotel or car rental. In such cases, the correct amount is not deducted, but only blocked on the clients account. Interest on the amount of lockable is not charged. As disadvantages, there can be attributed the restrictions set by the bank for cash. The disadvantage of credit cards is that not all outlets accept credit cards to pay for their goods or services, but all more or less large retail chains can pay by credit (and debit) card. With a credit card, you can withdraw cash using the ATM network of an y bank. True to withdraw cash on credit cards have limitations, but you can always get the remaining amount to another ATM or in the same, by entering your card and pin code again. [1] In the banks, credit card processing practiced as part of the contract to the target consumer loans, for example, when you make a loan to purchase home appliances. In the loan agreement the conditions for issuing credit cards are specified and the whole mechanism of its transmission to the client, for example, after full repayment of the first loan. Often there are situations when people get credit cards in the mail, it is outraged, believing that the bank simply imposes his card. And not to fall into such an awkward position should carefully read all the terms of any credit agreement are signed. [5] The money people all over the world spend using credit cards, does not actually exist. It should be noted that the money has gone virtual and there are a lot of cases of cheating and hacking of the credit cards, as the whole system is not perfect. As a fact, credit does not do any good, as there emerge many different problems caused by the credit cards and the taken credit, when people purchase a lot and become shopaholics. Consequently, nowadays to survive and to live comfortable life, people us credit cards to buy different things, from a pen to a flat with the help of a credit card. For that, everyone needs a stable highly paid job to cope with the difficulties arising. And many people live in debt while shopping constantly and purchasing plenty of unnecessary things. Debt is the latest concern in our society and there should be found a solution to the way of spending money. Individuals and governments are struggling to cope with the debt and offer different options to solve the problem. Also, marketing credit card companies have had to stop towards high school and college kids in order to help keep them out of debt before graduation, as there is very high percentage of people living in debt and have no way out. Nowadays it is a severe problem for the people all over the world, who use credit cards and who constantly have a temptation to purchase goods, even if they dont need them. And especially thi s problem is about adolescents who do not work yet and already have an access to the credit cards. [3] Either way it should be remembered that buying goods with the credit card, we hereby affirm the agreement to buy the goods at a price much higher than the real price of the product itself is. This is called I want it now, that further includes paying more for the goods. It remains only to compare the size of this proportion with the rate of inflation. Everyone knows that credit stimulates consumption and, consequently, production. But any loan borrower must provide certain guarantees on their credit obligations. Excessive credit entails a chronic excess of the rate of consumption over the pace of increase in income of the loan borrowers and, therefore, guarantees taken credit obligations. Imagine for a moment that all that you are using was purchased on credit. The car, which you navigate to work and shop, as well as TV, refrigerator, furniture everything bought on credit, and often this is added to the most important apartment on credit. Your only guarantee your monthly salary. O f course, you have no savings, because almost all of your wages goes to pay for the credit for those things that you use. Such loans are called sub-prime. This is the way most Americans live. Now imagine for a moment that you or someone from your friends lost their jobs. The next day in front of your house there would be a queue of creditors to declare the guarantee or to pay obligations. You are nervously looking for decent jobs with wages sufficient for your monthly payment obligations. If you do not pay for the credit on time, on your account penalties are applied. In the worst case, your property is started with a hammer. But imagine this same situation, but only on a global scale. You cannot pay off the loan, your property is auctioned, but no one at the auction would buy it, because the neighbors of your neighbors would be in exactly the same situation. Automatically starts the crisis in the banking sector, falling demand, and, of course, there comes a decline in production. [ 2] Time flies very quickly. Think about it: not so long ago, buying something on credit could safely assume status act. Now buying on credit is a commonplace, routine activity, nothing to do with the advance. All kinds of people do it, often without thinking about consequences. It is no secret: take credit when you do not have enough money to have the right to pay the entire purchase (for the washing machine, a car or a new apartment). So from a rational, practical point of view a credit is a direct alternative to hoarding. Credit stimulates consumption, and thus serves as an additional battery for the production. Credit is just the ideal solution for implementing the words I want it right now. But the total loan creates the illusion of an exaggeration of your financial opportunities. Some people are so accustomed to use credit cards that they often fail to notice how quickly their red account balance reaches the size of the monthly salary. [4] Today it is too difficult to stay away from the banks and credit, since we live in an age of capitalism. And if we live, therefore we adopt the rules of the game that the banks set. Banks rule the world nowadays. If you want an apartment take the credit, you want the car take the credit, you want a great vacation you are welcome! Take a credit voucher. And if you save for the same things without taking a credit, is there any sense to rejoice over it in old age? Credit for today for the majority nowadays is both the way out and the prison Interest loan lately is very crucial. Now with a credit card a person can buy almost everything from simple TV and mobile phone to a car, apartment and a country house. There is no dispute that credit is extremely convenient and profitable invention of mankind. But, as says the popular proverb, every cloud has a silver lining. And vice versa.

The History of Establishment of Bank of Lebanon

Following the downfall of the Ottoman Empire in September 1918, the Turkish Pound was replaced by a Sterling based Egyptian currency as legal tender in the states under the French and British mandate. The Egyptian Pound was issued by a private British institution, the National Bank of Egypt, and had been previously used by the British, since much of their supplies were from Egypt. After taking Lebanon and Syria under its mandate, the French government sought the substitution of the Egyptian currency in order to alleviate the burden on the French Government in covering its expenditures in Egyptian Pound, and to assert its independence from the British. However, the use of the post war French Franc would have further exhausted the French Treasury. The alternative was to grant a commercial bank the exclusive right to issue a currency for the States under Mandate. The Banque de Syrie, a French company affiliate of the Ottoman bank, was established in 1919 with an initial capital of FF. 10 million, later increased to FF. 25.5 million. Of its 51 thousand shares, about 22% were owned by the Ottoman bank and 78% by French shareholders. 1924-1964: The Banque de Syrie et du Liban In January 1924, a convention was signed between the Banque de Syrie, and Lebanon and Syria as States under the French Mandate, following the constitution of their national government. As the political status of Lebanon evolved, the Banque de Syrie, which was to act as the official bank of the states under the French Mandate, was renamed the Banque de Syrie et du Liban (BSL). BSL was granted the following privileges by the 1924 Convention including: The sole right to issue the French-based-Lebanese-Syrian currency in Lebanon and Syria for 15 years, at FF. 20 to the pound. These could be redeemed at the main office in Paris or its branch in Marseilles. Special rights regarding securities pledged as loan guarantees The sole custody of government funds Preference for its services with local governments The issue of the Lebanese-Syrian currency were governed by the 1924 Convention and covered by: Gold and convertible foreign government bonds Mandatory French Franc interest earning deposits Other (optional) French Franc demand deposits Claims drawn on or guaranteed by the French government Two years before the expiry of the 1924 Convention, BSL's privilege to note issue a Lebanese currency in Lebanon, separate from the Syrian currency, was extended for another 25 years by the 1937 Convention, ending in March 1964. The notes issued by BSL were no longer subject to a ceiling but were subject to an obligatory and optional coverage. They were of two series; one carrying the name â€Å"Lebanon† and the other â€Å"Syria†, but both could be used indiscriminately in either state. Although the currency was Lebanese in name, it remained a disguised French Franc, until 1941 when it was linked to the Sterling Pound after the defeat of France and the invasion of Lebanon by the allied forces. However, the coverage of the Lebanese Pounds issues was still in French Francs, which was constantly depreciating or devaluated. Lebanon was to collect any loss in the value of its assets in French Francs covering the issue of Lebanese notes by the Franco-British agreement of 1944. The corresponding burden on France and Lebanon's will to achieve monetary independence, necessitated a dissociation between the Lebanese Pound and the French Franc. Following its independence in 1943, Lebanon concluded a monetary agreement with France in 1948 separating its national currency from the unstable French Franc, and asserted the independence of its monetary system by promulgating the Monetary Law of 1949.Concurrently, the distinction between the Issue Department and the Commercial Department was fully effected. In April 1963, a commercial bank, the Societe Nouvelle de la Banque de Syrie et du Liban s.a.l. was created to replace the Commercial Department, and in April 1964, the Issue Department was transformed into the Banque du Liban. Banque du Liban (BDL) was created by the Code of Money and Credit enacted by decree no. 13513 dated August 1, 1963. It started its effective operations on April 1, 1964. BDL is a legal entity of public law enjoying financial and administrative autonomy but is not subject to administrative regulations and supervisions applicable to the Public sector. Its initial capital was LL.15 million, an amount appropriated by the State. BDL is the sole custodian of public funds and is vested by law the exclusive privilege of issuing the national currency. BDL includes an administrative body and a managerial body, as well as other specialized entities. The Government Commissariat supervises it. As stipulated in article 70 of the Code of Money and Credit, the Banque du Liban (BDL) is mainly concerned with the safeguarding of the currency in order to ensure a basis for sustained social and economic growth. Its basic responsibilities specifically include: safeguarding the currency; maintaining economic stability; maintaining and safeguarding the soundness of the banking system; Developing the money and financial markets. To fulfill its major functions, BDL cooperates with the Government to ensure exchange rate stability, control liquidity, impose credit restrictions, and issue banking regulations. Cooperation with the Government involves coordination of fiscal and economic policy measures to ensure a certain harmony between its objectives and those of the Government, suggestions benefiting various economic variables to promote economic growth, and advice on issues regarding the Lebanese currency. Exchange rate stability entails the use of all measures BDL sees appropriate specifically intervention in the market to buy and sell foreign currencies. The control of liquidity involves changes in discount rates, loans granted to banks and financial institutions, intervention in the foreign exchange market, open market operations, imposition of reserve requirements on assets and/or liabilities as well as penalties for shortfalls in their formation, and/or the receipt of deposits from banks. It can also affect the volume of credit and the general credit situation by determining the volume of certain types of credits, credit granted for specific purposes, credit granted for specific sectors, and setting the terms and regulations of credits. BDL can issue regulations to ensure the soundness of the banking system. It can set, in consultation with the Lebanese Banks Association, regulations governing the relation of banks with their customers, and banks liquidity and capital adequacy. It has the power to regulate asset to liabilities ratios on all or selected banks to be met at a date specified by BDL. Banque du Liban (BDL), the central bank of the Republic of Lebanon, was created by virtue of Law No. 13513 dated August 1, 1963. Banque du Liban is a separate public legal entity – not a governmental department – and is vested with financial and administrative autonomy. The management of the BDL is undertaken by a Governor assisted by four Vice-Governors, all together constituting the Governorship of the BDL, as well as by a Central Board chaired by the Governor and composed of the Vice-Governors, the Director-General of the Ministry of Finance and the Director-General of the Ministry of Economy and Trade. The Banque du Liban is the sole custodian of public funds, supervises and regulates the banking system and is vested by law with the exclusive authority of issuing the national currency. The BDL†s primary role is to safeguard the currency and promote monetary stability, thereby creating a favorable environment for economic and social progress. The Banque du Liban also advises the Government on various economic and financial matters. In conducting its monetary management function, Banque du Liban utilizes a wide range of instruments, including reserve requirements on Lebanese Pound deposits with commercial banks, liquidity requirements on US Dollar deposits in commercial banks, Treasury Bill repurchase and swap agreements with commercial banks, as well as Lebanese Pound denominated certificates of deposits issued by the BDL. As a result of high inflation prior to 1992, the Lebanese economy became substantially dollarized. Since October 1992, monetary policy has been targeted at stabilizing the Lebanese Pound exchange rate and controlling the inflation rate and money growth. The return of confidence in monetary stability and the high returns on investment in LBP-denominated financial securities led to a significant decline of the dollarization of the economy and to a build up in foreign exchange reserves. The Banque du Liban is managed by the Governor who is assisted by four Vice-Governors, as well as by the Central Council. The Governor is the legal representative of the Banque du Liban, and has extensive authority on the management of the Bank. He is entrusted with the enforcement of the Code of Money and Credit, and the implementation of the Central Council's resolutions. Upon the proposal of the Minister of Finance, the Governor is appointed by decree sanctioned by the Council of Ministers, for a renewable six- year term. After the consultation with the Governor and upon the proposal of the Minister of Finance, the Vice-Governors are appointed by decree sanctioned by the Council of Ministers for a renewable five-year term. They assist the Governor in managing the Bank, carrying out functions specified by the Governor. In addition, they assume their duties as members of the Central Council. The Central Council sets the monetary and credit policies of the Bank, including money supply, and discount and lending rates. It discusses and decides, among other things, on issues concerning the banking and financial sectors, the establishment of clearing houses, the issuing of currency and on loan requests by the public sector entities. The Council decides also on the rules and procedures that govern the staff and operations of the Bank, and on its annual budget and accounts.

Details of Research Report Outline

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Mgmt 3720 - 1348 Words

The story is about a ski instructor named Miranda who is having several issues with her new boss, Hank because he has done and said many things over the course of the time that he has been there to show that he may be sexist. This scenario has a lot to do with perception. Perception is defined as â€Å"a process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment† (Robbins Judge, 166). This paper will discuss what perception is and how much of an impact in can have in the work place. Miranda’s perception of her boss Hank is that he is a sexist. The initial problem that is discussed is the fact that she did not like the fact that as one of the most experienced ski instructors at†¦show more content†¦Robbins and Judge claim that consensus happens if everyone who faces a similar situation responds in the same way. (168). Miranda responds the same way after was told by Nancy’s son that the people at the front desk told him that she was not working that weekend â€Å"I thought you weren’t here today; that’s what the people at the front desk told me.† (Cohen, Fink, Gadon, Willits, Josefowitz, 2013), and another customer was told the same thing by the front desk people when she asked for Miranda the following weekend, â€Å"But the following weekend, another customer approached Miranda expressing surprise that she was on the slope because the front desk has said that she had not shown up.† (Cohen, Fink, Gadon, Willits , Josefowit z, 2013). Miranda stayed optimistic thinking it was a mistake by her boss. Consistency is when an observer looks for consistency in a person’s actions. Does the person respond the same way overtime? (Robbins Judge, 168). Hank is looking for consistency in his employees as he wants the female employees to teach children while the male employees teach adults. Overtime, Miranda asked a client to go to the front desk and book an appointment for private classes with her saying â€Å"Sure, why don’t you just check with the front desk and let them know what you want?† (Cohen, Fink,Gadon, Willits, Josefowitz, 2013 ). The different errors and shortcuts that can influence someone’s perception areShow MoreRelatedMgmt 3720737 Words   |  3 PagesMGMT 3720 Zhang Yaqi Assignment #1 This case describes the different attitudes the worker and his supervisor have about their work. The reason Walt Henderson, the drafting technicians working in the Wilson Construction Company, has some disagreement with his supervisor Ken Hardy is that they have different attitudes toward their work. 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