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If you have dependents or a spouse, you may be worried about what happens to your debt after you die. It’s a legitimate concern.
According to the The Consumer Financial Protection Bureau (CFPB), spouses, children and other relatives are usually not on the hook for any outstanding debts of a late loved one.
Freezing a loved one’s credit after death is an important step to prevent fraud and take stock of open accounts.
If the credit card debt was incurred after marriage and the deceased spouse was the sole owner of the account, the state you live in determines the surviving spouse’s responsibility.
The Consumer Financial Protection Bureau (CFPB) states that spouses, children and other relatives are usually not on the hook for any outstanding debts of a late loved one.
Also avoid using your spouse’s credit card if it’s in their name only. If you use the credit card after they die — even if you’re an authorized user — the bureaus might consider it fraud.
Later in this article we'll take a look at who's responsible for a late spouse's credit card debt, but let's first address three important financial actions to take soon after the death of a spouse.
Being an authorized user on a credit card account doesn't mean you're liable for that debt if the cardholder dies, but it can still cause problems.