Is Debt a Sensible Way to Tide Parents Over?

The extortionate cost of having a baby has been revealed in a new survey. In fact, so severe is the cost that MoneyExpert, the price comparison service which conducted the study, has urged consumers to search out the best loan deals in order to finance any new addition to the family.

The research shows that on average, parents of children under the age of 18 accrue £1,140 worth of debt in the first year after having a child, and as a result many resort to borrowing. However, Sean Gardner, chief executive of MoneyExpert, is sympathetic and insists that taking out a loan is often the most practical way for parents to navigate this fiscally tight period.

“For most of us, worries about money go out of the window with the joy of having a baby,” he said.

“It’s hard enough coping with the sleepless nights and new responsibilities without thinking about budgets. But financially, a new baby can cause havoc because of the combined burden of extra costs and reduced income. (more…)

Written by morello on December 4th, 2007 with no comments.
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