[Vision2020] Survey finds Americans are financially illiterate

[Donovan Arnold]

  Americans are 'financially illiterate' - survey
Tuesday February 26, 12:42 pm ET 
By Catherine Clifford, CNNMoney.com staff writer 
    Americans don't understand debt, which may be one reason that they have too much of it, according to a survey released Tuesday.   The survey presented 1,000 people with a hypothetical scenario about credit card debt and asked them to compute how long it would take to pay it off. Only 35.9% of the 1,000 respondents could figure out how many years it would take for the amount they owe on their credit cards to double. A full 18.2% did not know how to respond and 31.9% of those surveyed over-estimated the timeframe.

   
  http://biz.yahoo.com/cnnm/080226/022608_financial_illiteracy.html?.v=6&.pf=banking-budgeting

       
---------------------------------
Never miss a thing.   Make Yahoo your homepage.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.fsr.com/pipermail/vision2020/attachments/20080302/24dab538/attachment.html