💨 Abstract

The U.S. News survey reveals that over half of U.S. consumers lack financial literacy, particularly regarding FICO scores and credit reports. Most respondents got their first credit card after age 18, and many maxed it out due to lack of knowledge. A majority of consumers carry a balance on their credit card, mistakenly believing it boosts their score. Financial advice is often sought from friends and family, contributing to the cycle of financial illiteracy.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖