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Coronavirus crisis pushes 56% of U.S. parents into debt

Christian Fernsby ▼ | May 27, 2020
Around 56% of U.S. parents have had to go into debt in these past few months in order to cope with the economic fallout of the coronavirus crisis, a survey found.
Americans   LendingTree canvassed more than 1,000 parents
The pandemic had also seen 38.6m Americans lose their jobs.

Topics: U.S.

LendingTree canvassed more than 1,000 parents in the States with children and found that 56% of them had gone into debt due to coronavirus-related circumstances. Roughly 40% had taken on additional credit card debt and 15% took out a personal loan.

Additionally, 36% of parents said they had tapped their child’s college fund.

Most of their spending went towards "learning materials, like computers, laptops, desk monitors and headphones" as schools were forced to close and move lessons online.