As summer comes to an end, families across the country are gearing up for the annual back-to-school shopping trip. This tradition marks the transition from lazy summer days to the hustle and bustle of the school year. However, for many families, this time of year can be stressful as they try to afford all the necessary items on their children’s back-to-school lists.
According to Nicole Horton, senior director of online services for online lender GoCredit.loans, the cost of back-to-school essentials continues to rise each year. Backpacks, school supplies, electronics, and new clothes can add up to a significant expenditure. In fact, Deloitte recently reported that the cost of school essentials is nearly 24 percent higher than it was just three years ago.
The average planned back-to-school spending per U.S. household has risen to $890 in 2023, according to a recent study on consumer behavior. This figure can put extreme stress on many family budgets, especially for those who do not have a reserve of savings.
Nicole notes that without savings, affording all the items on a child’s back-to-school list can be a challenge. Many families may struggle to secure a small-money loan from a traditional bank or credit union, and alternative lending options could lead to a cycle of recurring debt that is difficult to escape.
However, GoCredit.loans offers Wisconsin families a better solution with their Credit Builder Loan. This loan is designed to provide families with the money they need while helping them move towards a more stable financial situation. Customers can get funded for a Credit Builder Loan up to $2,500, build savings, and have the opportunity to build their credit history.
The Credit Builder Loan works by allowing customers to apply for the loan, get approved within minutes, receive funding, and make installment payments. As customers make payments, a portion of the funds is deposited into a savings component, which helps them build savings. Additionally, their payment history is reported to a leading credit bureau, giving them the chance to build their credit history.
Once the loan is paid off in full, customers can collect all the funds in the savings component, providing them with a reserve for unexpected expenses. This not only helps families afford back-to-school items without straining their budget but also sets them on a path towards increased savings and financial stability.
One of the key advantages of the Credit Builder Loan is the opportunity for customers to build a credit history as they make regular payments. GoCredit.loans automatically reports customers‘ payment history to a leading credit bureau, helping them establish a positive credit history.
Wisconsin customers can apply for the Credit Builder Loan through the GoCredit.loans website or by contacting a customer service representative. The application process is quick and easy, with same-day funding available. This convenient and personalized service aims to take the stress out of back-to-school shopping and help customers achieve financial stability.
In conclusion, GoCredit.loans provides Wisconsin families with a valuable solution to afford back-to-school essentials while building savings and credit history. This innovative approach not only eases the financial burden of back-to-school shopping but also sets families on a path towards a more secure financial future.