Generally speaking, the article contained an overall accurate “surface” description of installment debt and revolving credit and the role it plays in everyday life, however, I found many areas of this article to be misleading by the omission of a few necessary details that would help the reader in conformity of its main objective: “How To Guides:” This is money we are talking about so if an organization is held to a position of monopoly and the general public places confidence, as defined by Merriam-Webster[1], then shouldn’t Yahoo!Finance provide a few more details when claiming definition to a commodity that is a “fact of life”?
Today’s economy is a reflection of similar circumstances and characteristics encompassing The Great Depression era yet with Baby Boomer’s as leader that will soon retire only to find instant gratification was passed on the their children who, along the way, lost the concept of where to gain self worth and now hindered so much that total avoidance of debt appears to be the best strategy in managing credit based on a false meaning of confidence. Statistics show, we, all generations, are experiencing yet another era of depression. This time around: cash purchases, large or small, possess limited feasibility (cash on hand has become nearly obsolete) and the ability to gain funds or purchasing power through installment debt or revolving line of credit, both in which are necessary instruments in today’s economy, has become nearly impossible. Era’s discussed within this essay have displayed a total avoidance of debt and credit as well as the rebellious proceeding generation embracing both debt and credit, responsibly beyond the means of their income yet molded the industry of financial planning It appears the economy is a reflection of several imprudent decisions on all levels (i.e. individuals, partnerships, corporate and government), including Yahoo!Finance.
References
Celent. (2003, December 4). The Baby Boomers Prepare for Retirement. Retrieved October 4, 2010, from Celent Reports: http://reports.celent.com/PressReleases/20031204/BabyBoomers.htm
Merriam-Webster, Incorporated. (2010, October 4). Confidence. Retrieved from Merriam Webster Dictionary: http://www.merriam-webster.com
Yahoo! Finance. (2010, October 4). Personal Finance How-To Guides: Yahoo! Finance. Retrieved from Yahoo! Finance: http://finance.yahoo.com
[1] Confidence: faith or belief that one will act in a right, proper, or effective way
No comments:
Post a Comment