Parents Are Taking on Debt to Support Their Kids, and It’s Hurting Their Health

Six in 10 parents say they have gone into debt to pay for their child’s needs, and half say their debt is becoming unmanageable. As the cost of living increases, parents are having a harder time buying back-to-school supplies and paying for medical for their childrens’ care. Debt is stressing parents out and making them more likely to skip meals and neglect their wellness.

Six in 10 parents recently surveyed by National Debt Relief, a debt settlement organization, said they have gone into debt to provide for their children. Nearly half of these parents say their debt is becoming unmanageable, and more than eight in 10 said they prioritize taking care of their children over paying down their debt.

Credit card balances are the most common type of unsecured debt held by American parents, wiht 42% of them carrying an average balance of $14,556. Medical debt is also common, with 27% of parents holding held an average of $12,316 debt related to health care bills. A quarter of parents had personal loans at an average amount of $15,294.

Cost of Living Crunch

The

Citations:

1. National Debt Relief. (2023, August 29). Parents Are Drowning in Debt to Support Their Kids. https://www.nationaldebtrelief.com/blog/parents-are-drowning-in-debt-to-support-their-kids/