'We spend £2,000 a month on childcare - and it's putting us in debt'
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.
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