Inflation Drives Record Back-to-School Spending and Credit Card Debt
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More than half of parents say inflation is impacting their ability to pay for back-to-school expenses. Many plan to take on new credit card debt.
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Homeschooling parents are especially affected - 75% say inflation is impacting their ability to fund education costs.
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Back-to-school spending is expected to reach a record $41.5 billion this year, driven by high demand for electronics.
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38% of parents plan to use credit cards to pay for back-to-school supplies and clothing.
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If struggling with debt, paying it down with a personal loan at a lower rate could lower monthly payments.
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