There is a lot of anxiety out there about the debt we take on. Sure, savings rates have climbed a bit since the financial crisis of 2008. (Mostly because fewer people are treating their homes like piggy banks, borrowing money on a value they believe will just always keep rising.) But credit card debt is still irresistible to many--what happens when a loved one dies and the debt is nowhere near paid off?
First thing to know is, as a child of a parent with credit card debt, you're not responsible. Credit card companies can make a claim on equity represented by whatever the deceased owned--a house, car, boat, etc. And they may get their part of the equity before this property can be passed along to relatives as a will indicates. But if your mother or father passes away with a load of credit card debt, that debt does not get passed along to you.
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