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Families spend average of of $8,300 annually on child care, part of it likely to add to credit card debt

A survey found nearly half of parents paying for summer childcare will accrue credit card debt from the cost.

INDIANAPOLIS —

Mortgages, rates rising

Looking to buy a home? You might end up taking out a larger mortgage than expected.

The average application is up to $411,000, the highest it's been since February, according to the Mortgage Buyer's Association.

30-year fixed rates are also up slightly, averaging 3.15 percent.

Child care costs add to household debt

Families across the U.S. are spending thousands on child care annually.

The average cost is just over $8,300, according to a Bankrate.com survey.

The same survey found that close to half of parents paying for summer childcare will accrue credit card debt from the cost.

Still building credit? Banks to consider savings, checking

Don't have a credit score but need a credit card? No problem.

WSJ says banks like JPMorgan Chase, Wells Fargo and U.S. Bancorp will launch a pilot program factoring in your savings and checking accounts as early as this fall. The program is aimed at helping those who are financially responsible but haven't been able to build credit.

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