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Nearly 60% of parents have got into debts due to coronacrisis

May 20, 2020

More than 1,000 parents with underaged children took part in this survey

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Nearly 60% of parents have got into debts due to coronacrisis. Source: unsplash.com

According to a survey conducted by LendingTree, 56% of the respondents revealed they are in debt due to the financial burden caused by the pandemic.

Meanwhile, 4 out of 10 added credit card debt, whereas 15% had to turn to a personal loan. The study also highlighted that almost 1 in 5 single parents couldn’t pay their credit card bill last month, compared to 9% of married parents.

Besides, the percentage of parents who tapped their child’s college fund to help cover expenses is 36%.

Distance learning affected parents’ budgets as well. Therefore, parents spent a little over $1,000 on supplies. For instance, 48% of them bought iPads and laptops, whereas 15% purchased office furniture.

The truth is that even before the outbreak hit, most Americans' financial margin for error was tiny. That means that even minor changes can have a major impact on the family budget. Then, when you consider how many parents are dealing with job losses or medical problems while also struggling to make sure their kids stay on track with school, it makes this time even more challenging financially
Matt Schulz, chief industry analyst at LendingTree 

We’ve reported that the coronavirus pandemic could cost the global economy more than $8.8 trillion.

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