Thirty-three percent of parents paying for summer childcare will accrue debt to cover the expenses, according to a survey released Thursday by financial services company Bankrate.
Fifty-nine percent of respondents said they would pay for their childcare with a credit card. Parents will spend an average of $998 per child for summer child care, the survey said, but 19 percent of parents said they will pay over $2,000 per child.
“Childcare is expensive! It’s no wonder so many parents are going into debt trying to cover the costs. However, it is avoidable,” Bankrate credit card analyst Ted Rossman said in a press release. He recommends parents take advantage of credit card companies that offer 0% interest deals for a limited period after opening an account in order to reduce childcare costs.
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