People needing fertility treatment are being forced to use credit cards, loans, savings, and instalment plans to pay for it
According to the money website Credit Karma, people are willing to pay an average of £9,945 to increase their chances of conceiving a child, with more than one in ten willing to pay £20,000.
To finance their treatment, many people have relied on borrowing money, with credit cards (20 percent), personal loans (17 percent), and instalment plans through their fertility provider (12 percent) amongst the most popular means of payment, along with loans from family and friends.
The average APR for credit products used to finance Brits’ fertility treatment was 15 percent. In contrast, just one in ten were able to pay for some or all of their treatment with cash, suggesting fertility treatment has become unaffordable for the vast majority. More than two-thirds reported that their treatment had a lasting impact on their finances.
But regardless of the cost, 78 percent of respondents say the cost of fertility treatment feels worth it even though almost one in five reported they did not achieve the intended result of their fertility treatment.
Akansha Nath, head of partnerships at Credit Karma, said: “Trying for a baby can be an incredibly emotional experience, and as our data shows, many couples are willing to spare no expense – and I don’t blame them. However, for the vast majority of Britons who don’t have the cash to cover the treatment upfront, borrowing is a faster and easier way to get a jumpstart on their treatment.
“But finance packages offered by clinics and certain lenders might be steeper, making shopping around for more favourable interest rates even more important. My hope is that consumers will do their research and shop around for the best financial products to suit their needs so they can avoid being victims of high-interest debt.”
Did you get a loan or put your fertility treatment on credit cards to conceive a child? Or did you get into serious debt and have nothing to show for it? We’d love to hear your story, email mystory@ivfbabble.com.
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