Debt.com » Research » Most Americans Would Take on Debt to Plan a Family Member’s Funeral
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Most Americans Would Take on Debt to Plan a Family Member’s Funeral
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 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
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.