6 September 2005
The beginning of the new school year is likely to cost British credit card users, new research has found.
Morgan Stanley Consumer Banking has found that British parents will pay £185 kitting out each of their children for the beginning of the new term, with other estimates speculating that costs per child for one academic year at a state school could top £1000.
However, credit cards are a valid short-term answer for unpredictable costs, and Patrick Muir, marketing director at Morgan Stanley Consumer Banking, believes that parents should use every avenue to find cash for school expenses.
"It can be costly preparing children for a new school term, as many essential items need to be purchased," he said.
"There are clever ways of spending and lessons we can learn, like shopping around for the best deals and using a credit card with cash back facilities, so it is not just our children who benefit from the money we spend."
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