NEW YORK—A new report indicates almost three-quarters of Americans expect the costs of sending kids back to school this year to be a “challenge.”
In fact, 11.9% say they have no idea how they'll pay for school expenses, according to a survey by U.S. News & World Report.
“When respondents were asked if school expenses seem higher this year, 53.8% say costs increased a lot, 33.4% thought they increased a little and 9.1% say costs have stayed the same,” U.S. News & World Report said.
Only 3.7% say expenses have decreased, the report added.
Carrying a Balance
“More than 69% plan to use a debit card or cash as part of their payment plan, but it's concerning that many also say they plan to use a type of credit to manage expenses, including 17.3% who will carry a credit card balance,” U.S. News & World Report said.
In addition, 16% expect to pay $400 or more per child for back-to-school expenses, and additionally, 15.4% expect to spend more than $400 per child on extracurricular activities, the report added.
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