Aussie families are shelling out so much on rents, mortgages and other living costs that back to school spending has become a major squeeze on their finances.
The result is that 58 per cent of parents reported plans to cover costs with credit cards and loans, according to a new survey from Compare the Market.
With ballooning home loan debts and skyrocketing rental costs, NSW families were some of the most exposed, having to enter further debt to foot the bill of their kids’ education.
Sydney homeowners are now shelling out an average of nearly $22,000 more per year to service their home loans than a decade ago, while Sydney rent prices recently hit a record high.
The cost of back to school items has reached $845 in NSW according to…