EXPENSIVE EDUCATION CAN ESCALATE DEBT

There is no such thing as a ‘free’ education. This has always been the case for students enrolled in private schools. However this also applies to parents of children attending government schools. Educational costs rise year on year and no families are exempt.

The average cost of schooling is rising far more quickly than reflected by the Australian cost price index. The NT News (Back -to-school trap Warning to parents racking up debt 24/1/18) confirmed that text books, stationery, shoes, uniforms and laptops are among items set to cost families over 40% more than last year. “For a typical family, that’s $829 per year.” (NT News above).

The article cautions about the dangers of buy-now-pay-later schemes which could add to the debt burdens already confronting families. According to the NT News (above) these instalment plan options are being used by around 30% of parents. A better option might be to save a weekly or monthly instalment so money is there to pay for requisites when this outlay becomes due. This would help families to avoid the stress of suddenly having to find money to cover return to school expenditure.

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