A new analysis found the average amount of money parents will pay for child care this summer is nearly $1,000 per child.
The report by Bankrate.com surveyed 3,857 adults. 33 percent said they will accumulate debt from childcare in the summer. Nearly 20 percent said they expected to spend more than $2,000 per child while 12 percent said they would spend $3,000 or more. The average cost of child care over the summer months is $998.
Parents living in the Northeast (51 percent) will spend money on summer child care versus those who live in the Midwest (30 percent).
“Higher earners, with incomes of over $80,000 per year, are more likely to pay for summer childcare (54 percent) than those with incomes between $40,000-$80,000 (37 percent) and parents who earn under $40,000 (31 percent),” the survey said.
During the school year, the average cost of childcare is $11,619 a child, the survey said.
Nearly 60 percent of those surveyed said they will pay for childcare using a credit card. Some 25 percent said they planned on paying off their credit card bill right away while 35 percent said they will pay back the cost over time, the survey stated.
The fees are dependent on the costs of day or sleepaway camps.
According to the American Camp Association, fees for summer camps vary significantly. Day camp averages between $200 to $800 a week. Meanwhile, sleepaway camp can be $630 to $2,000 a week.
Bankrate.com gave a few suggestions on how to decrease the cost of summer childcare. The site suggested tax credits if applicants qualify for it, paying with a credit card for rewards or finding a credit card with zero percent APR if users plan on paying the fees immediately.