Raising kids has always meant making sacrifices, but for many parents today, those sacrifices come with a heavy cost—debt. With the price of nearly everything going up, from groceries to doctor visits, parents are finding it harder to stay on top of bills. Many are turning to credit cards or “buy now, pay later” services just to cover everyday needs. The result, according to new research, is growing debt and even more stress.
A new report from Investopedia shares findings from a survey by National Debt Relief showing that six in ten parents have gone into debt to support their children. Nearly half say their debt is now unmanageable. Even so, more than 80% of parents say they continue to put their children’s needs first, often delaying payments or taking on more debt to make ends meet.
Credit cards are the biggest source of debt for many parents, with 42% carrying an average balance of about $14,500. Medical debt is also common—families owe an average of more than $12,000 for healthcare bills. As costs rise, parents are feeling squeezed on all sides, especially when it comes to essentials like medicine, child care, and school supplies.
The study also found that parents rely more on “buy now, pay later” plans during expensive times of year, such as back-to-school season and the holidays. Those using these services owe an average of more than $7,000. On top of that, more than half of parents say the rising cost of living makes it harder to pay for their children’s needs. And when it comes to higher education, half of those already in debt fear they won’t be able to afford college for their kids.
In the article, Natalia Brown, Chief Consumer Affairs and Creditor Relations Officer at National Debt Relief, explained how deeply debt can affect family life. “Debt disrupts more than just finances. It reshapes parenting,” she said. “Debt is quietly dictating the choices parents make for their families every day, from skipping meals to shelving college savings plans for their children.”
That pressure can take a real toll. Parents who are in debt are twice as likely to neglect their own health and often skip meals to save money. The average parent worries about their finances five times a week, and nearly half say they stress more about debt than about their children’s wellbeing. These findings show just how much financial strain can affect not only bank accounts, but also families’ emotional and physical health.
Still, there’s hope. Understanding these challenges is the first step toward change, and organizations like National Debt Relief are helping families have the courage to find a path to stability through personalized debt settlement programs. By working with creditors to reduce what’s owed and create manageable payment plans, debt settlement can help parents regain control faster.
You can read the full article on Investopedia to learn more about the survey’s results.
