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A12 BUSINESS
Tuesday 9 May 2023

Kimberly Palmer: How to make summer

camp more affordable

By KIMBERLY PALMER of
NerdWallet
To create a fun but af-
fordable summer for her
daughters, ages 11 and 13,
Flossie McCowald plans
out camps well in ad-
vance. The Pennsylvania
resident snags early bird
discounts, takes advan-
tage of a church-based
sleepaway camp that of-
fers scholarships and lever-
ages sibling discounts.
“Every little bit helps,” says
McCowald, who is the In this Oct. 3, 2009 photo, a Boy Scout, left, works with an
founder of SuperMom- instructor on the archery field at Boy Scout camp at Camp Minsi
Hacks.com, where she in Pocono Summit, Pa.
writes about parenting. Associated Press
That’s especially true when camps and industry pro-
camp is more expensive fessionals. He adds that from members nationwide
than ever. “We’re in an camps are facing price in 2022, on average day
inflationary environment, increases across every camp costs $88 a day and
and camp is no excep- major cost category, in- overnight camp costs $173
tion,” says Tom Rosenberg, cluding staffing, insurance a day, while some camps
president and CEO of the and transportation.The are free, and most offer
American Camp Asso- ACA says that according need-based financial aid
ciation, which represents to responses it collected to low-income families.q

Banks report tougher credit standards

in wake of failures

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — A
Federal Reserve report
Monday showed that
banks raised their lend-
ing standards for business
and consumer loans in the
aftermath of three large
bank failures, a trend that
could slow the economy in
coming months. The report,
known as the senior loan of-
ficers survey, asked banks if
they have tightened their
lending standards by taking
steps such as demanding
higher credit scores, charg-
ing higher interest rates, or
The seal of the Board of Governors of the United States Federal other moves that altogeth-
Reserve System is displayed in the ground at the Marriner S. er would make it harder for
Eccles Federal Reserve Board Building in Washington, Feb. 5, businesses and consumers
2018. to obtain loans.q
Associated Press

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