Some Families Will Go Into Debt for Back-to-School Shopping

As the back-to-school shopping season continues, some parents are finding it harder to stretch a dollar to purchase the items their children need for the new school year. However, a new report finds that some families will go into debt during this crucial time of year for their children.

A new report by Bankrate polled more than 2,300 adults in July, and it found that 31% of back-to-school shoppers are going into debt to pay for items their children need. This includes 24% of people using or planning to use credit cards and pay the balance over time, as well as 13% using or planning to use buy now, pay later services. These figures are similar to 2022, when 29% of back-to-school shoppers took on debt, according to Bankrate’s last survey on the topic. The report also reveals that nearly half (49%) of U.S. adults will “go back-to-school shopping this year, with the majority planning to use debit cards and/or cash.”

So much for 'underconsumptioncore,' back-to-school shopping is in full swing — and with it, 'backtoschoolhauls' https://t.co/h2R3EIvKJ4

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According to the National Retail Foundation, families with children in elementary through high school planned to spend an average of $874.68 on clothing, shoes, school supplies, and electronics this year. The foundation estimates that total back-to-school spending will reach $38.8 billion. Deloitte also conducted its own survey, which revealed that value is a top priority for most shoppers as they try to get the most for their money.

Many parents shop earlier in the season or look toward chain stores such as Dollar Tree, Staples, Target, JCPenney, and Walmart to try and find the best deals. Some also look in their own homes for items from last year, such as extra pens, pencils, backpacks, notebooks, and other school items, to reuse when applicable to save some money.

Walmart and Amazon sell many refurbished electronics, like new ones, that can do the job as well as their newer counterparts. Some of these items, such as computers and smartphones, can have a steep price reduction compared to newer models.