Some families expect to go into debt shopping for back to school, reports find. High prices are partly to blame
The back-to-school shopping season is in full swing, with the hefty bills to prove it.
Nearly one-third — 31% — of back-to-school shoppers said that buying supplies for the new year will put them into debt, according to a new report by Bankrate, which polled more than 2,300 adults in July.
A separate report by Intuit Credit Karma also found that 31% of parents said they can’t afford back-to-school shopping this year and 34% expect to take on debt to cover the cost of supplies. That survey polled more than 1,000 adults last month.
Higher prices are partly to blame: Families are now paying more for some key back-to-school essentials such as backpacks ahead of the new school year. CNBC used the producer price index — a closely followed measure of inflation — to track how the costs of making certain items typically purchased for students has changed between 2019 and 2024.