New Report: Average Cost of Raising a Child for 18 Years is $241,080

NEW YORK, September 4, 2013 /PRNewswire/ --

According to a new report released by the U.S. Department of Agriculture and mentioned by CNN Money, the cost of raising a child born in 2012 for 18 years will cost a middle-income average couple $241,080. This represents an increase in 3% from the estimated cost of raising a child born in 2011. Disproportionately, the country's median annual household income has fallen since 2000 by more than $4,000 after inflation adjustments have been taken into account."

LoansForPoorCredit.net, the McAfee Secure™ rated bad credit loan aggregator, has released a statement commenting on the implications of this for the many Americans that struggle with debt and financial challenges.

Sam Malka, spokesperson for LoansForPoorCredit.net, referred to the report in the following statement that was released to the press.

"It is staggering to consider that it now costs more than $240,000 to bring up a child for 18 years. The USDA figure covers daily essentials such as day care, transportation, toys, health care and groceries but does not include the high cost of college education, tuition and living expenses."

The statement continued to address the consequences of wage drops and lower paying jobs superseding their better paying equivalents.

"In addition to a drop in wages across America, the financial crisis and recession has meant that many medium to high income jobs have been lost and replaced for positions paying much lower wages. We anticipate that this will mean more families and parents will struggle to balance their finances each month, as costs continue to spiral far beyond the realms of affordability for many. We are prepared to help connect individuals with bad credit to reliable online lenders in order to help offer some financial relief."

According to the report, families residing in the urban Northeastern regions of the U.S. that earn $105,360 or more will spend considerably higher than the national average, racking up a total of $446,100 on one child's upbringing for 18 years excluding college costs. At the other end of the scale, families residing in rural areas with an income of $61,590 or under will spend the least, at a total of $143,160.

To conduct a free bad credit loan application and comparison, visit: http://www.LoansForPoorCredit.net

Contact:
Sam Malka:
+1-305-424-8313
[email protected]

SOURCE LoansForPoorCredit.net