More Americans are expected to go into debt this year to pay for school supplies, a new survey found.
According to Bankrate’s survey, 31% of adults doing back-to-school shopping will go into debt to pay for supplies. The survey found that 24% plan on using credit cards and carry a balance, while 13% will use buy now, pay later services.
The survey also found that 18% of shoppers say that school supplies will place a strain on their budget, and 14% of adults say they feel pressured to spend more than they’re comfortable with.
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Despite the financial strain, fewer Americans report being as hamstrung by inflation. The survey found that 32% of shoppers say inflation will change the way they shop, which is down from 41% in 2022. In the 12 months ending July 2022, the consumer price index was up …