Using Financial Education to Improve the Foreclosure Situation in America
According to a poll done by Freddie Mac/Roper of 2,031 U.S. homeowners in 2005, 6 out of ten individuals wished they understood the terms and details of their mortgage better . Another poll by Freddie Mac/Roper further demonstrated that over 6 in ten homeowners who were delinquent in their mortgage payments were not aware of the services that mortgage lenders could provide to them . There are serious repercussions to someone failing to meet the terms of their mortgage. It is disturbing that a survey of the American people could reveal such an informational deficiency on the matter of mortgages. When we are sick, doctors ensure that we are provided with proper care by assessing our physical state, the medications we are on, and all other factors. People need to assess their financial health and decisions in like kind as informed citizens before they enter into mortgage contracts, and our government needs to help them in this pursuit.
Studies have evinced that financial education is beneficial to our nation. The paper