Maybe we shouldn’t be so surprised that so many Americans are swimming in debt, locked into impossible subprime mortgages and otherwise suffering financially. A new survey, released today by the Center for Economic and Entrepreneurial Literacy (CEEL), founds that an astounding number of Americans knew little about borrowing, interest rates, terminology and even basic math:
* 54% were unable to identify what a subprime mortgage was.
* 56% couldn’t identify FICO score as the most important factor in getting a loan.
* 65% of respondents failed to identify what would remain if you subtracted 25% from 8; 33% couldn’t identify what 1% of 50,000 was. (more…)