Poor families are more likely to apply for credit cards to pay for school supplies

Low-income parents have a difficult choice at the start of every school year: clothes for their kids or school supplies, rent or school supplies and, in some cases, food or school supplies. Many families of these families can afford one or the other, but not both.

Those who earn less than $25,000 per year are 10 times more likely than high-income parents to apply for a new credit card in order to save as little as 5% on school supplies, according to a new survey from the personal-finance website WalletHub.

For those who can’t afford it, shopping for school supplies on credit is risky.

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