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Credit card debt is unsecured debt, meaning you do not need to secure it with your house or car to open one. When you die, it is the responsibility of your estate to take care of any remaining debt.
For example, if the estate value totals $2,000 and the credit card debt is $10,000, the credit card company can't ask for more than what the estate is worth. Here are a few more important tips ...
Sharing a joint credit card account with the deceased. This doesn’t apply if you’re an authorized user. Being a co-signer on a loan for the deceased, where there’s outstanding debt
Similarly, if someone cosigned a loan or credit card for the deceased, they’ll be responsible for that debt. If the deceased had a home equity loan on an inherited house, the heir would have to ...
Credit card debt results when a client of a credit card company purchases an item or service through the card system. Debt grows through the accrual of interest and penalties when the consumer fails to repay the company for the money they have spent. If the debt is not paid on time, the company will charge a late-payment penalty and report the ...
In the post-secondary education system of the United States, an expected family contribution ( EFC) is an estimate of a student's, and for a dependent student, their parent (s)' or guardian (s)', ability to pay the costs of a year of post-secondary education. The EFC is used in the United States student financial aid process to determine an ...
Joint account. A joint account is a bank account that has been opened by two or more individuals or entities. Joint accounts are commonly opened by close relatives (such as by a married couple) or by business partners in an unincorporated business, but it can be used in other circumstances. Ordinarily, anyone can deposit funds into a joint ...
Family members aren’t typically responsible for a loved one’s credit card debt, except in the case of a joint account or in the case of marriage in a community property law state. Authorized ...