Nearly A Third Of Families Expect Back-To-School Shopping To Push Them Into Debt

American families are drowning in back-to-school expenses as inflation continues to weigh on household budgets, according to a survey from financial services company Bankrate published Monday.

Around 31% of back-to-school shoppers will, or already have, taken on debt to afford school supplies, clothing and other back-to-school necessities, the survey of 2,300 adults conducted by Bankrate between July 15 and 17 found. Of those taking on debt, nearly 1 in 4 shoppers will incur credit card debt, while around 1 in 8 shoppers will utilize buy now, pay later schemes that involve purchasing an item through a series of installments.

“I don’t understand how people are living right now,” Isabella Canales, a 29-year-old living in suburban Dallas, told Bankrate. “When you look at the amount that you have to pay for these uniforms and all that stuff, it’s crazy.”

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While year-over-year inflation has recently fallen below 3% year-over-year for the first time since 2021