60% Of American Parents Are In Debt Trying To Provide For Their Kids, And It Gets Nearly $200 Worse Each Month
It's a vicious cycle that's hard to get out of.
Kmpzzz | Shutterstock For many parents, taking on debt isn't a question of if; it's more a question of when. Kids are expensive, from food costs, healthcare bills, and school fees, it adds up to an amount that most can't afford. When budgeting is no longer an option thanks to stagnant wages and inflation, the only option for many parents is racking up debt and worrying about it later.
Parenting is already difficult. Trying to do it with the weight of debt on your back? It turns a hard task into one that feels impossible. Unfortunately, this is the reality for the majority of American parents today.
A new study found that 60% of parents have taken on debt trying to provide for their kids.
Talker Research conducted a study that found 6 in 10 American parents have gone into debt for their kids, and almost half (48%) of these parents say the amount is "unmanageable." These findings aren't particularly surprising amid rising inflation and the cost of living across the country, but it is a harsh truth that is consuming the lives of hardworking families.
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The study was commissioned by National Debt Relief and included 2,000 parents to help understand the financial strains that Americans are facing. These parents said they want to give their families the best life possible, but 63% of those with debt said their finances were holding them back from providing for their children the way they want to.
The surveyed parents said their debt increases by nearly $200 each month.
On top of the crushing pressure of existing debt, many are finding themselves even deeper in the hole as 77% of parents reported taking on an additional $181 every month. Parents with younger children, aged 5-12, take on even more, roughly $194 per month.
This debt comes in different forms, with credit card debt being the most common (42%) and averaging $14,556. Twenty-seven percent of parents said they have medical bills to pay off, and a quarter (25%) have personal loans that average $15,294. Student loans, car loans, mortgages, and "buy now, pay later" services have also significantly contributed to American family debt.
The back-to-school season is particularly tough for parents. A 2025 CreditKarma survey found that 54% of moms and dads have sacrificed groceries in order to afford school supplies for their kids, and 39% said they can't afford supplies at all. Many schools or organizations offer assistance programs, but this isn't a situation that any parent should have to face.
Parents said paying for their kids' needs is more important than debt repayment.
Most parents in debt (81%) prioritize buying things for their children over paying off their debts, compared to 17% who prioritize debt repayment. They also tend to put the needs of their kids over taking care of themselves, as they are twice as likely to neglect their physical and mental health as those without debt.
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Natalia Brown, chief consumer affairs and creditor relations officer at National Debt Relief, shared, "Our findings show how deeply debt is reshaping modern parenthood — forcing families to choose between their own financial health and well-being versus their children’s needs."
Parents who are struggling financially live in constant fear that they'll never escape their debt, and they feel powerless to combat the rising costs of raising children.
Financial activist Dasha Kennedy, founder of The Broke Black Girl and member of National Debt Relief’s Financial Wellness Board, said, "These widespread fears of inescapable financial struggle show how easily parents can slip into cycles of debt that not only weigh on them, but can also shape their children’s future." However, she continued, "These cycles aren’t unbreakable — with the right support and financial guidance, parents can begin to regain stability and build a stronger foundation for their future and the next generation."
While financial stability is possible, for many parents in the stronghold of debt, it's a later problem. Time-poor Americans are just trying to get through the day, and between work and kid duties, budgeting and saving fall by the wayside. It's not something parents should be ashamed of, either, and perhaps if they spoke out about it more, support and resources wouldn't be so hard to come by.
Kayla Asbach is a writer currently working on her bachelor's degree at the University of Central Florida. She covers relationships, psychology, self-help, pop culture, and human interest topics.
