One-Third Of Parents Who Pay For Summer Childcare Accumulate Credit Card Debt

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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.

Read more at NEWSWEEK.

{Matzav.com}

4 COMMENTS

  1. Exactly. And that’s why my kids are being forced to stay home this summer and be bored. $2000.00 a summer, is for goyim. Any normal Frum sleepaway camp charges $4,000.00 minimum, and that’s with a scholarship! City Day camps are just as expensive proportionately. It is almost impossible for a middle class to lower income Frum family to realistically afford summer camps. The experts, who are enjoying their beautiful summer homes in the Catskills already, tell us that we’re not allowed to go into debt if you can’t afford something. It would an irresponsible avlah. So I guess the only aitza is to leave our teenagers in the City and have them go right off the derech. At least we won’t go into debt and have to come on to schnorring. Mamesh brilliant.

    • I’m fully on your side, I feel your pain, I have no bread to put on the table myself , so my kids will also stay home, I will try my utmost to keep them occupied, though I do have a job so I don’t know how I’ll manage,
      All which is left for me is to tell you & be Mechazek each other, that be positive & I will be Mispalel for you that you should have a lot of NACHAS from your ZISE KINDERLACH I’m sure with your efforts you’ll be an example for them, one thing though, BE POSITIVE, THINK OF THE BRIGH SIDE, I’m literally crying

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