Consumer Debt and the Death of a Loved One
When a loved one is sick or passes away, most of us are not thinking about consumer debt . But at some point, you may need to deal with the debt that a loved one leaves behind, particularly if the deceased person was your spouse. According to a recent article in USA Today , dealing with a loved one’s terminal illness while worrying about credit card debt can be particularly difficult. What do you need to know about consumer debt as it pertains to a recently deceased loved one? Can you be held accountable for bills and credit card debt owed by another? Family Members and Debt Possession If your spouse charges a significant amount of credit card debt, will you be responsible for that debt in the event of death? That is the question that one USA Today reader asked, concerned about consumer debt and bankruptcy. An article drafted by the Federal Trade Commission (FTC) provides some useful information about how a loved one’s debt can affect others. In general, family membe...