When a loved one dies, we’ll pay to take care of them. How much? Four in 10 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
| Do you get uncomfortable thinking about death? | Percentage of respondents |
|---|---|
| Yes | 53.82% |
| No | 46.18% |
| Does that discomfort stop you from planning for your death? | Percentage of respondents |
|---|---|
| Yes | 32.50% |
| No | 67.50% |
| Have you written a will? | Percentage of respondents |
|---|---|
| No, I don’t have time | 14.53% |
| No, I’m too young | 20.36% |
| No, I don’t have many assets | 23.42% |
| No, thinking about my death is stressful | 11.38% |
| Yes, I’ve written a will | 30.31% |
| Would you take on debt for a family member’s funeral? | Percentage of respondents |
|---|---|
| Yes | 54.78% |
| No | 45.22% |
| If yes, how much debt would you be willing to take on? | Percentage of respondents |
|---|---|
| None | 37.57% |
| Less than $500 | 7.55% |
| $501-$1,000 | 12.91% |
| $1,001-$2,000 | 12.62% |
| $2,001-$3,000 | 9.37% |
| $3,001-$4,000 | 3.63% |
| $4,001-$5,000 | 7.17% |
| Over $5,000 | 9.18% |
| Do you know what happens to someone’s debt when they die? | Percentage of respondents |
|---|---|
| Yes | 45.03% |
| No | 54.97% |
| Have you ever taken on debt to travel for a funeral? If so, how much? | Percentage of respondents |
|---|---|
| I haven’t taken on debt for funeral travel costs. | 73.52% |
| Less than $500 | 9.27% |
| $501 – $1,000 | 9.27% |
| $1,001-$2,000 | 5.07% |
| Over $2,000 | 2.87% |
| Have you ever taken on debt after a loved one’s death? If so, how much? | Percentage of respondents |
|---|---|
| I haven’t taken on debt after a loved one’s death | 71.32% |
| Less than $500 | 7.17% |
| $501-$1,000 | 6.12% |
| $1,001-$2,000 | 5.26% |
| $2,001-$3,000 | 3.35% |
| $3,001-$4,000 | 1.91% |
| $4,001-$5,000 | 2.10% |
| Over $5,000 | 2.77% |
| While planning a funeral, what kind of debt did you take on? | Percentage of respondents |
|---|---|
| Credit card debt | 52.01% |
| A personal loan | 25.24% |
| A funeral loan | 22.75% |
| If you’ve taken on debt after a loved one’s death, how did that affect you? | Percentage of respondents |
|---|---|
| The debt made me anxious | 27.72% |
| I haven’t been able to keep up with payments | 13.19% |
| I’ve put off other bill payments | 13.58% |
| I’ve put off major purchases like a home | 10.61% |
| It hasn’t affected me emotionally of financially | 55.35% |
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.
