Parents Go Into DEBT Over Back To School Supplies

Public school expenses are starting looking more and more like college expenses. John Iadarola and Michael Shure break it down on The Damage Report. 

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Read more here: https://www.cbsnews.com/news/back-to-school-shopping-parent-debt-spending/

"As the new school year approaches, U.S. parents on average are spending a record amount for supplies, with some families even going into debt to provide for their children. Behind the spending surge are heavier requirements from schools, inflation and fears that some students may shift back to remote education as COVID-19 infection rates rise across the nation.

The typical family with children in K-12 education this year will shell out roughly $850 on school supplies — a record — according to the National Retail Federation, a trade group. That’s up more than 7% from last year, when millions of parents were forced to spend more to prepare for remote classes as the coronavirus shuttered schools. Since the start of the 2019-20 school year, before the pandemic, parents’ spending on school supplies has jumped 22%, according to the NRF, which surveyed more than 7,700 people."

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