Parents Struggle With Debt to Support Their Children
Six in 10 parents in the U.S. say they’ve gone into debt to provide for their children, and nearly half of them report that the debt is becoming unmanageable. A new survey by National Debt Relief highlights the growing financial pressure parents face as the cost of living continues to rise.
Credit card debt is the most common form, with 42% of parents carrying an average balance of over $14,500. Medical debt is also widespread, with 27% owing an average of $12,316. Many parents are also turning to personal loans and “buy now, pay later” services, further increasing their financial strain.
The back-to-school season and holidays are especially difficult times, as families feel pressure to spend on supplies, clothing, and gifts. More than half of parents surveyed said rising costs have made it harder to afford their children’s medical care and prescriptions.
“Debt disrupts more than just finances. It reshapes parenting. Debt is quietly dictating the choices parents make for their families every day, from skipping meals to shelving college savings plans for their children.”
As higher education costs continue to rise, many parents fear they won’t be able to afford their children’s college education. Older borrowers in particular are carrying higher delinquency rates, reflecting the burden of parent-backed student loans.
For more details, read the full article here: Majority of Parents Have Gone Into Debt For Their Children—And It’s Stressing Them Out.
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