Loan and Credit Card Funerals on the Rise in the United Kingdom
Almost 25% of the people in Britain have had to resort to Credit card funerals to pay for a decent funeral for a loved one.
This is a whopping 2.7 million adult citizens.
They want to give their friends and family the funeral they feel they deserve, but cannot afford to do so.
In the past 9 years funerals costs have increased by more than 80%. Funeral prices actually accelerate faster than inflation, causing the problem to just get worse.
Some startling Facts and figures about Credit card Funerals
- Over the last 5 years, research has shown that ₤4.8 billion has been spent on funerals.
- Some ₤1.6 billion has been in some form of finance like, credit cards, personal loans and pay-day loans.
- An average funeral costs about ₤3,773, and can even run up to ₤7,000 in some areas, due to a lack of burial space.
- The younger generation, in the 18-34 year age group, are the most affected by this financial crisis. They are faced with the challenge of managing the affairs of their elderly parents and relatives, and then of having to provide a funeral too when they pass on. They are forced to pay either by credit card, or by the high-interest pay-day loans.
- 27% of people pay out of their own pocket. This affects their savings accounts, which are suffering as a result.
- People have to sometimes even sell off their possessions to pay for the funeral of a loved one.
- Thousands of bereaved families in the UK struggle to afford the cost of a funeral, ending up most times with a debt of at least ₤1,500.
- Forty percent of Londoners admit to getting into debt by credit card or pay-day loans, to pay for the funeral of a loved one.
- Some 79% of UK adults don’t have any idea of any sort of plan to pay the cost of the funeral should a family member pass away.
- Only 21% of adults in the UK have life or funeral cover in place, to cover these extremely expensive costs.
Credit Card Funerals – Pay-Day Loan
This is just a smallish loan lent at a very high interest rate. It is agreed that it will be paid back when the borrower receives his next wage.
Credit Card Funerals – Funeral Costs and Debt
The emotional impact on family and friends because of death is already quite devastating, so with the additional burden of the funeral costs, their grief and stress is accelerated. This of course hinders the normal grieving process. Emotional over-spending causes them to buy products totally unnecessary.
More and More people are resorting to a Pauper’s funeral
A paupers funeral is now referred to as a Public health funeral. It is always said that it is more expensive to live in London than in any other place. Unfortunately the same applies to dying there. Get peace of mind. For both yourself and your loved ones. Plan your funeral today, and start saving.
There will then be no need to resort to credit cards and pay-day loans.
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