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Summer childcare being paid with credit cards, survey says

Posted at 10:41 PM, Jun 21, 2019

COLORADO SPRINGS – A new survey from Bankrate says that more than half of Americans are paying for summer childcare with credit cards.

The survey found that, on average, the cost of childcare is almost $1,000 per child ⁠— and that’s just for the summer.

News 5 spoke with a local economist on what you should know before shelling out any dough.

Tatiana Bailey, director of the UCCS Economic Forum, said, “If you do have to take credit card loans shop around…there are also lower cost summer camps through the YMCA and other organizations.”

Bailey also recommends checking with your employer to see if it offers an FSA and to take advantage of the Child and Dependent Care Tax Credit.