Soaring Inflation Leaves Parents Struggling Without Monthly CTC
On December 15th we received our last monthly Child Tax Credit payment. The last $550 for our 2 children because the Senate has not yet decided whether the CTC is a valuable investment. When we were receiving the monthly credits, we were able to afford house repairs, medical costs, and clothing for our rapidly growing kids. But now we must continue to try and budget these same expenses on our own. There is no room to further cut costs. Further adding to our struggle, the inflation rate is soaring at its fastest pace in more than 40 years.
The CTC was helpful in affording what we needed, however, the payments were most useful in saving and paying for family medical bills. At the age of four, our daughter with down syndrome had her second heart surgery. We are thankful that we had the monthly CTC for six months to cover the costs that health insurance would not.
We are strict budgeters in my family, as a financial coach I make sure that all our spending is carefully monitored and tracked. Given soaring inflation, we’re finding it very difficult to make ends meet. There certainly isn’t any room for putting away savings or paying medical bills.
Today our family faces new challenges. More repairs need to be done around the house, including replacing our AC unit before the hot summer. Gas prices will hit new summer highs. This will directly affect the work I do driving for Uber. All the while my wife and I will be hoping that unforeseen medical costs do not overwhelm our finances.
The monthly CTC kept families together and healthy. North Carolina families need these payments to weather this storm, to avoid sinking in this economy. Members of Congress now is the time to renew this vital program, our nation can’t afford to put it off any longer.
Originally published at https://humanityforward.com on April 12, 2022.