Three of the highest value purchases and services were paying off a tax bill, buying a car or floor coverings. However, the largest single item added to the credit card was for funerals. Many are forced to use a credit card for at least some of the cost. The average amount was £1,114 – about a quarter of the normal cost of an entire funeral.
Not everyone realises that it is possible to buy a funeral plan and it can also be purchased for someone else. Or buy a funeral plan for yourself, but one with the facility to give it to a friend or relation just to ease the initial strain. No reason why their estate can’t pay you back in due course.
It is a concern that many are forced to add over £1000 to their credit card because they cannot afford the full cost of a loved one’s funeral. They are of course simply adding to the interest and deferring the need to pay. And the interest is usually very considerable. But for many, this is their only option in ensuring their friend or relative has a decent farewell. What about those who have to add the full cost of the funeral to their credit card? It doesn’t bear thinking about if they are on a modest income.
A funeral plan can avoid causing unnecessary debt for those you leave behind. For further information on what funeral plans can do and how much they cost, simply contact a member of our research team on 0800 090 3051 or use the enquiry form.
Don’t use a credit card to pay for a funeral – get it paid in advance – and freeze the costs!