Kids' extracurricular activities may be sending parents into debt

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A new survey by the website Compare Cards found many parents are thousands of dollars in debt due to paying for their child's extracurricular activities. 

The website surveyed nearly 700 parents and found that 27% of them currently owe more than $3,000 and nearly 9% owe more than $5,000. 

However, it was determined 8 out of 10 parents with children who take part in extracurricular activities believe the activities could someday lead to a better career for their child in the future. 

Most parents believe the activities will benefit their child, the study found 64% feel stressed out about paying for them. 

Though more than half say they spend more than they can afford, 48% say they don't regret paying the amount if it benefits their child in the future. 

Experts say despite what it may cost parents the best thing they can do is encourage their kids to dream big and follow whatever they have a passion for. 

You can view the entire study by clicking here