Consumer economic news last week reports that 35% Americans in Debt Collections which continues to add pressure to funeral home revenues. The thought that one out of every three people are past due on their mortgages, credit cards, car payments, student debt and even gym memberships certainly has relevance on the funeral industry.
I don’t make the news, I just comment and provide my perspective about how it relates to all of us. From my point of view, this report sheds light on continuing shifts in consumer trends of how they care for their deceased loved ones. This particular segment of consumers have loved ones die and as we all know, exacerbates an already difficult financial situation.
Think about it: you are behind on your mortgage, credit cards maxed out and now a loved one unexpectedly dies. What happens next? If the loved one had a pre-need trust in place or life insurance in force, then you are in luck. However, if this is not the case, and more often than not it is, then if you are the responsibility of paying the funeral bill lies on your shoulders. Now you are sitting in front of a funeral director that has taken your loved one into their care making arrangements…what happens next?
Let me repeat: 35% of ALL Americans are in Debt Collections. We are serving this financially challenged families. How is your funeral home staff addressing this issue? It’s not going away…share your thoughts. Cheers y’all! #thefuneralcommander