Tuesday, September 27, 2011

Credit living

American way of living is failing slowly slowly and here we are picking their habits , so thats going to be our future 20 years onward.what i found ridiculous over there was.....

Banks giving mortgage for 30 years, 40 years where payment years go beyond retirement.And giving loans to people beyond their capacity. In this area  I had an experience where I learned alot, Once I used to run a departmental store and there were many customers who will get tempted to buy the things and request me to give them on instalment and I being naive thought no harm in this and even felt happy that I am making sales, but..two cases I can point out where it was a clear mistake...
Giving a domestic maid earning 300/ month a credit of 1000/ is always wrong, she is going to be a defaulter and she did.
To a young girl working in a five star hotel,once I started giving, she had no end to her shopping of cosmetics and ultimately vanished without payment.
Business cant be done without some strong basic rules and log term perspective.

Secondly I saw people enjoying life like there was no tomorrow and that literally happened. The way people eat outside, go on trips and maintain the houses, it will make you feel pauper, but living on credit makes your future uncertain..our Indian way of living is much better where we believe in savings and assets.And I want our youngsters to follow that..today in a global world we cant live in our shell, others misdemeanours also affect us..so be wary of spending too much, life is not going to end tomorrow.......and enjoyment is not the sole purpose in life..think beyond that, bring some spirituality in your life.

Few thing I strongly believe in....

no credit living
not using paper to clean everything
No wastage of water.
eating out side, dont order more than you can eat, there is no harm in eating a little less.Dont waste at all.
Dont buy too many things..
.see the mail today I got.....I am feeling sorry for L& T, it was my favourite store...

 Things are closing
rapidly. Not on the list below is Linens & Things, which is
under liquidation and closing all stores by year end.

Ann Taylor is closing 117 stores nationwide. A company
spokeswoman said the company hasn't revealed which stores will
be shuttered. It will let the stores that will close this
fiscal year know over the next month.

Eddie Bauer is also to close more stores. Eddie Bauer has
already closed twenty-seven shops in the first quarter, and
plans to close up to two more outlet stores by the end of
the year.

Cache is closing stores. Women's retailer Cache announced that
it is closing twenty to twenty-three stores this year.

Lane Bryant, Fashion Bug, and Catherines are closing 150
stores nationwide. The owner of retailers Lane Bryant, Fashion Bug ,
and Catherines Plus Sizes will close about 150 underperforming
stores this year. The company hasn't provided a list of
specific store closures and can't say when it will offer that
info, spokeswoman Brooke Perry said today.

Talbots and J. Jill are closing stores. About a month ago,
Talbots announced that it will be shuttering all seventy-eight
of its kid's and men's stores. Now the company says it will
close another twenty-two underperforming stores. The twenty-
two stores will be a mix of Talbots women's and J. Jill,
another chain it owns. The closures will occur this fiscal
year, according to a company press release.

Gap Inc. is closing eighty-five stores. In addition to its
namesake chain, Gap also owns Old Navy and Banana Republic
stores. The company said the closures - all planned for fiscal
2008 - will be weighted toward the Gap brand.

Foot Locker is to close 140 stores. In the company press
release and during its conference call with analysts today, it
did not specify where the future store closures would occur
but that all are planned in fiscal 2008. The company could not
be immediately reached for comment.

Wickes is going out of business. Wickes Furniture is going out
of business and closing all of its stores. Wickes, a thirty-
seven-year-old retailer that targets middle-income customers,
filed for bankruptcy protection last month.

Goodbye Levitz BOMBAY - closed already. Levitz first announced
it was going out of business and closing all seventy-six of
its stores in December. The retailer dates back to 1910, when
Richard Levitz opened his first furniture store in Lebanon,
PA. In the 1960s, the warehouse/showroom concept brought
Levitz to the forefront of the furniture industry. The local
Levitz closures will follow the shutdown of Bombay.

Zales and Piercing Pagoda are closing stores. The owner of
Zales and Piercing Pagoda previously said it planned to close
eighty- stores by July 31. Today, it announced that it is
closing another twenty-three underperforming stores. The
company said it's not providing a list of specific store
closures. Of the 105 locations planned for closure, 50 are
kiosks and 55 are stores.

Disney Store owner has the right to close ninety-eight stores.
The Walt Disney Company announced it acquired about 220 Disney
Stores from subsidiaries of The Children's Place Retail
Stores. The exact number of stores acquired will depend on
negotiations with landlords. Those subsidiaries of Children's
Place filed for bankruptcy protection in late March. Walt Disney
in the news release said it has also obtained the right to close
about ninety-eight Disney Stores in the U.S. The press release
didn't list those stores.

Home Depot store closings: In Atlanta, nearly seven months
after its chief executive said there were no plans to cut the
number of its core retail stores, Home Depot Inc. announced

U.S. economy and housing market. The move will affect 1,300
employees. It is the first time the world's largest home
improvement store chain has ever closed a flagship store for
performance reasons.

Its shares rose almost five percent. The Atlanta-based company
said the underperforming U.S. stores being closed represent
less than one percent of its existing stores. They will be
shuttered within the next two months.

CompUSA clarifies details on store closings. Any extended
warranties purchased for products through CompUSA will
be honored by a third-party provider, Assurant Solutions. Gift
cards, rain checks, and rebates purchased prior to December 12
can be redeemed at any time during the final sale. For those
who have a gadget currently in for service with CompUSA, the
repair will be completed and the gadget will be returned to

Macy's - nine stores are closing.

Movie Gallery - 160 stores are closing as part of a
reorganization plan to exit bankruptcy. The video rental
company plans to close 400 of 3,500 Movie Gallery and
Hollywood Video stores in addition to the 520 locations the
video rental chain closed last fall.

Sprint Nextel - 125 retail locations are being closed. New
Sprint Nextel CEO, Dan Hesse, appears to have inherited a
company bleeding subscribers by the thousands, and will now
officially be dropping the axe on 4,000 employees and 125
retail locations. Amid the loss of 639,000 postpaid customers
in the fourth quarter, Sprint will be cutting a total of 6.7%
of its workforce (following the 5,000 layoffs last year) and
8% of company-owned brick-and-mortar stores, while remaining
mute on other rumors that it will consolidate its headquarters
in Kansas. Sprint Nextel shares are down $2.89, or nearly 25%,
at the time of this writing.

J. C. Penney, Lowe's, and Office Depot are scaling back
Ethan Allen Interiors: the company announced plans to close
twelve of 300+stores in an effort to cut costs.

Wilsons the Leather Experts - 158 stores are closing.

Pacific Sunwear will close its 154 Demo stores after a review
of strategic alternatives for the urban-apparel brand.
Seventy-four underperforming Demo stores closed last May.

Sharper Image - the company recently filed for bankruptcy
protection and announced that 90 of its 184 stores are
closing. The retailer will still operate 94 stores to pay off
debts, but 90 of these stores have performed poorly and also may

KB Toys posted a list of 356 stores that it is closing around
the United States as part of its bankruptcy reorganization. To
see the list of store closings, go to the KB Toys Information
Web site, and click on Press Information.

Dillard's is set to close more stores. Dillard's Inc. said it
will continue to focus on closing underperforming stores,
reducing expenses and improving its merchandise in 2008. At
the company's annual shareholder meeting, CEO William Dillard
II said the company will close another six underperforming
stores this year.


Bhagyashree said...

Yes we are imitating the west. Not only clothes, language, now we are living their lifestyle too, which is sad actually
We have the habit of piing up things but seldom do we realise that not much is required to live comfortably.

Renu said...

Bhagyashree:we are doing everything their way...even breaking the families to live like them:)

Bikramjit said...

yes right one shoud try to live in what htey have ..
and the reason for the economic problem around the world was that the banks gave so much credit to people who cud not afford ..

I have One credit card which i have used about 3 -4 times over the last 10 years .. thats it ..

I do use the 0% benefits of cash this and that but I make sure i pay it within the time ... I hate to pay interest on something which is not required ...


Anonymous said...

Yes, it does seem that we are imitating the west blindly- at least in this regard.

No one- individual or society- can live on credit forever. One has to pay back eventually. Unfortunately we do not seem to realize this.

Chanz said...

You are right..

We follow them in the good times, it will do good to us
We follow them in bad times, it will do bad to us

Therefore, we should choose when to follow and when not to follow..

SM said...

one needs to be in control when use CC.
For me i do not blame any culture its the policies of Government and politicians which make a country beggar or rich.
Once small country UK controlled world as their leaders and kings were intelligent.

Sandhya said...

I don't like to use credit cards though I have got one. We must keep it with us just for an emergency, I feel. I use mostly my debit card. We will spend within limits.

I agree with your other points too, Renu!

Harman said...

very valuable and nice post.. worth sharing..
so much to read and learn an example to have satisfaction...within...

Renu said...

Bikram:even I hate to pay anything extra like interest.

Its not wrong to use credit card,but speding on your expected or assumed income is wrong.

Manjujoglekar: By the time one sees the result of the actions, situation goes out of control.

Chanz: we have to be prudent.

SM: I dont think its ok to blame govt for everything..after all in democracies govt is by the people only..where is person's own wisdom?

Sandhya: we are two of a kind..but getting obsolete:)

Harman: Thanks!

Sparkling said...

Hi Renu,
How are you?
I've missed you :)

Have you been shopping or travelling lately?
You know? I blame the whole bloody US for this recession and the absolutely FONZIE effect!

I hear ya, and yes, I'm not living in credit. Loans scare the hell out of me! But I also feel so ancient sometimes. Anyway...


deeps said...

I guess one should know the limitations
Don’t be confused about things in need and want
Don’t spend more than you can earn!!

Kirti said...

Renuji, USA business work on brands and advertising. Disney, Walmart are all brands and they pull the customers towards them. Credit cards are also brands and encourage maximum usage and sometimes do not charge on overspending and late payment.
In India, brands do not work much. Customer needs are the priority here. So food and clothing are important. I sincerely feel that in retailing, collaboration should be with Chinese rather than Americans as the business model in retailing is more similar to Chinese model.

Renu said...

sparkling:..I also missed you..where have you been?..I was blessed with a grandson, so went to him:)
we ancient people are better than those modern ones.

deeps: this is one thing very few people know..everybody goes after wants.

Kirti:Brands always make huge profits thats the reason they have sometimes 75% discount even, otherwise how is it possible..they just fleece the customers.

Ellen said...

That not only reflects the state of that nation but also of the world. Downsizing, price increases --- it appears now that small is good and viable. What and Where to next?

up↑take said...

In recent decades, most of the key advisers in the Union cabinet are from top American Universities (and some, like our PM, from UK). What we really need are people with common sense and an ear to the ground, not those with flashy Ivy League degrees. Recent events have shown that American economy cannot be our role model.

Sparkling said...

Congratulations, grandmaa!!!! :)
Btw, what is his name?

Happy Kitten said...

Let me also congratulate you.. have not been frequenting the blog world like before and missed the event.

Yes.. the Indian way is always the best. While the west way is a bit selfish too. It lets one lead a life which you cannot afford and for which you are not earning enough.. and finally when realization hits, you take down with you other people too with you. Even those who have worked hard in their lives. Look at all those shops closed and the jobs taken away. The big companies and brands will always make a come back.

Renu said...

Ellen: now the onus is on individuaals to be judicious about their spending.

Sparkling: Thanks!!! he is really a little angel..so cute !

Happy Kitten: Thanks:)

You got it right..theirs is a selfish way.....

Dreams of parents

Now a days counselling and admissions are going on for colleges, so I see parents fretting around and always talking about reservations and...