financially illiterate
Well, shouldn’t we do something about it?
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.
link from CNN