Credit card debt doesn't just go away when you're gone, but the liability doesn't always fall to your loved ones by default either. It depends on the kind of account, where you live and more.
Let’s review what happens to credit card debt after death, and how Discover® helps you close the deceased person’s credit card account. Credit card debt doesn't go away after you die Credit card debt doesn’t simply go away when a person has died. The decedent’s estate uses its...
The first step in determining what happens to credit card debt is to identify if the deceased had a will or trust in place. If a valid will exists, it will dictate how the estate and debts should be handled. The executor of the estate, as designated in the will, takes on the responsi...
If a spouse dies and the surviving spouse was an authorized user on the deceased’s credit card account, the survivor is not responsible for the debt. Credit card debt in this situation is paid for by the deceased spouse’s estate. However, a surviving spouse with an authorized user status...
t wiped clean when a cardholder dies. That debt is still owed to the card issuers and must be paid by the estate or remaining signatory on the account. If you’re a beneficiary or executor for an estate, it’s important to take appropriate steps to handle remaining credit card debt, ...
He has also incurred a five-figure credit-card debt in his name only during our marriage. We own a house together through a joint trust, but our bank accounts and credit cards are all held separately. I...
If math isn't your strong suit, we can help you find calculations with almost zero effort. Just type in a few details and we'll calculate how long it'll take to pay off your card, or how much a balance transfer could help you save. ...
First, the good news: The credit card debt your spouse acquired before marriage does not transfer to you, partly or wholly. It remains the financial and legal responsibility of the person who brought it into the marriage. Should that person's debt go unpaid, your assets...
After a person dies, their credit file will need to be closed since it does not happen automatically. Someone (usually a relative, loved one, friend or an individual associated with the credit card accounts) needs to report the death to the threemain credit bureaus—Experian™, Equifax...
Skolnik said that for seniors, trying to pay off credit-card debt may not be the best solution. Consumer debts such as credit cards get wiped away when a person dies, while debts like mortgages and car loans stay with their estate and must be paid. “It may be easier to ignore the ...