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Mathematically challenged people more likely to face foreclosure?

Difficult times can fall on even the most responsible and conscientious Americans. When the financial crisis of 2008 hit, individuals with every conceivable background, education level, career achievement and financial safety net were hit hard enough to lose their homes, their businesses and many of the assets they had worked so hard to acquire. In addition, even during prosperous financial times nearly all Americans find that they are not immune to the risk of foreclosure and bankruptcy when a sudden injury or illness befalls them or a member of their family.

Therefore, the recent study that indicates that individuals with a poor grasp of mathematical reasoning are more likely to face foreclosure is not as relevant as it may seem at first glance. True, researchers based at Princeton have determined that individuals who struggle to perform relatively straightforward mathematical equations are at a greater risk of defaulting on their mortgages than those with a greater grasp of mathematics are. However, the threat of foreclosure often impacts the lives of individuals who have obtained the highest levels of education.

Ultimately, it is critical that anyone struggling with unmanageable debt seeks the advice of an experienced attorney. Regardless of whether or not you can do complex math, simple math or never made it past the third grade, an attorney can help you navigate your debt relief options and help you to keep your home whenever possible.

If anything, this study may confirm that individuals with a less than stellar grasp of mathematics may wish to consult an attorney before signing an inherently confusing mortgage contract. Seeking assistance before you place yourself in debt may help to prevent that debt from becoming overwhelming.

Source: Business Insider, "People With Bad Math Skills Are More Likely To Wind Up In Foreclosure," Mandi Woodruff, June 27, 2013

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