A Debt.com poll of 1,000 Americans shows more than half would take on debt for a family member’s funeral. Three in ten already have. Many of those are struggling to pay it off.
When a loved one dies, we’ll pay to take care of them.
How much?
Four in ten respondents to a recent survey told us they’re willing to “take on at least $1,000 worth of debt for a funeral.”
To support Debt.com’s new “Death and Debt” section, we polled more than 1,000 U.S. adults on how they pay for funerals. Nearly 1 in 3 say they’ve “taken on debt after a loved one’s death.
“Over the past 10 years, Debt.com has consistently tracked research of Americans maxing out credit cards for lavish lifestyles they can’t afford,” says Debt.com president Don Silvestri. “It’s great to see most Americans won’t take on debt for a funeral. We want to teach the other 74 percent how to plan so they aren’t stuck with high-interest debt after the casket gets lowered into the ground.”
The key takeaways:
- 55% will take on debt for a funeral
- 3 in 10 are comfortable taking on between $1,000 and $5,000 worth of debt
- Most with “funeral debt” say it’s from a credit card
More than half will take on debt for a family member’s funeral
More than 3 in 10 will take on between $1,000 and $5,000 worth of debt for a funeral
Fortunately, less than 2 in 10 admit already taking on a least $1,000 worth of “funeral debt”
Most respondents took on credit card debt for a funeral
That debt makes respondents anxious and holds them back from other financial goals
Methodology: Debt.com surveyed 1,046 adults and asked 10 questions about how death expenses contributed to their debt. People responded from all 50 states and Washington, DC, and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted on March 01, 2023.