NEW YORK—Nearly one-third (31%) of U.S. adults doing back-to-school shopping this year will go into debt to pay for it or already have, according to Bankrate’s newest Back to School Survey.
The survey found back-to-school sending this year was 22% higher than in 2022.
According to the findings, half of credit cardholders already have credit card debt, which is the highest percentage in 4.5 years, and further found that six in 10 credit card debtors have been in debt at least a year.
“Back-to-school costs, on average, for kids in kindergarten through 12th grade run about $875, according to The National Retail Federation. For the average college student, it's about $1,365,” Fox Business said.