There may be a few more people who leave behind a death bed full of debt problems, as the average cost of dying soars to over £7000.
According to a recent survey, the cost of an average death has risen to £7,098 this year and is anticipated to rise again over the next five years by 33 per cent.
Along with getting over the loss, many families may find that shouldering the financial burden of a close one’s death may be too much to bear, and the repercussions on their debt management could be severe.
Research suggests that whilst the cost of a “standard” UK funeral has increased by 7.2% to £2,733, additional “hidden” extra costs like the hiring of a venue, catering and flowers etc. can push the total amount much higher.
Debt advice organisations have already spoken out about the impact this could have on people’s debt problems.
Ivan Cooper, Chairman at leading debt management company Chiltern, said: “Not only does it take time to get over the loss of a loved one, but now it could take years to get over the cost – especially if you rack up credit card debts or other such balances to pay for it.
“For many people, planning ahead and putting a little away could help cushion the blow, but for those already with debt problems the issue is virtually impossible.
“When your debt management issues start causing you grief, it’s best to seek impartial debt help from a reputable debt advice organisation.”
Reputable debt advice organisations include The Debt People, Hamilton Locke and Chiltern. All offer free and impartial debt advice.
In certain circumstances they could even recommend a professional debt management solution – like a Debt Management Plan (DMP), Individual Voluntary Arrangement (IVA) etc – to help you get out of debt.
For further information on debt management solutions, or for immediate debt help, please call the number at the top of this page.