I have an older friend who lost her husband in December. She had him cremated at a cost of $1,600. But now she tells me the price has gone up twice since then, and the current price is $2,200. So she locked it in by signing a contract to pay $2,200 plus interest over the next 10 years.
Is this a good idea?
She doesn't want to "trouble" anyone after she's gone. She has no descendants, so nobody will be troubled. She's not going to have much of an estate, if any. She has just enough Social Security and PERA (CO retirement plan) to pay her monthly expenses right now, but not much extra.
What if she dies penniless? Who would pay the cremation/burial expenses?