The parents of cancer patients have resorted to borrowing cash in order to cover costs while their children are being treated, with many resorting to instant short term loans to help make ends meet, recently revealed research findings report.
One CLIC Sargent survey discovered that families have found it a struggle to cope with the extra expense of travel, food, childcare, and accommodation in the event that a child needs cancer treatment. Around 2 out of every 3 parents polled by the study reported to having to take out short term loans in order to pay the bills, while 76 per cent said that extra costs were putting a major strain on household finances.
Around 42 per cent of respondents indicated that they were using a credit card to help make ends meet, while around one out of every five indicated they had taken out a loan – with six per cent availing themselves of instant cash loans from a payday lender – in order to help deal with additional costs. Over 40 per cent of parents had taken out loans in excess of £1,000 in order to tackle extra costs, while the number of parents with £2,000 or more in debt measured up at 27 per cent, the survey found.
Around 65 per cent of parents admitted to experiencing earnings losses due to the illness of their child, with 58 per cent stating that they had no choice but to reduce the number of hours they worked. In excess of £360 was spent on cancer-related expenses on average every month, according to the research findings.
CLIC Sargent chief executive, Lorraine Clifton, remarked that while nearly everyone has suffered due to the current economic climate, parents of children who are battling cancer feel this even more keenly, as the extra costs can be substantial.