CASH-STRAPPED families say they're racking up thousands of pounds worth of credit card debt because of unaffordable childcare fees.
“When Bill was born we moved north and I started lecturing, which isn’t as well paid. In preparation for my pay cut we had saved around £8,000. Families accrue on average £9,220 of debt before their children reach primary school age, according to Noddle. "With the savings we’ll make, we can focus on chipping away at the debt. We really want to get rid of it before the interest rate soars.”New research has found that families accrue on average £9,220 of debt before their children reach primary school age
Ben and Alex, 37, who earns about £32,000 from her job as a primary school teacher had to put a freeze on nights out, takeaways, and they didn’t have a family a summer holiday for four years. They did this to lower the 18 per cent interest they were racking up on the cards to a lower 6.9 per cent on the loan.
She earns 24k which is the cost of there childcare so she’s working to pay somebody else to look after kids. Maybe they need to take a step back and look at there situation one of them take a career break until both the kids are at least at school when cost will be less.