More Americans are going into debt after a loved one’s death.
That’s one finding from an annual survey by Debt.com, which examines how people finance end-of-life costs.
The survey found that 37% of Americans have taken on debt after a loved one’s death, the highest figure in three recent years of polling. Of those who assumed debt, 59% used credit cards. The survey reached 1,000 Americans in October.
“This one was a little shocking,” said Howard Dvorkin, chairman of Debt.com. “And it kind of makes sense.”
Inflation has lifted consumer prices by at least 24% since early 2020, according to Bankrate, seeding recent talk of a national affordability crisis.
