Can Credit Card Debt be Inherited?
When it comes to managing financial matters, one of the components that most people have to deal with is the issue of credit card debt. It is not unusual for an individual to leave behind some amount of credit card debt at the time of death. Survivors may be concerned as to what amount of liability is present with this form of debt. Because there are varying practices allowed by law around the world, it is not possible to definitively state that in all cases credit card debt is not included in the inherited debt passed on to the survivors of the deceased. However, the good news is that in most cases, the inherited debt that may be tied to the estate of the deceased does not include credit card debt. Here are some examples of when inherited credit card debt is not subject to transfer to another individual. Perhaps the most clear cut scenario in which credit card debt is not transferred to a survivor is when there are no other persons listed as debtors on the credit card account. With th
When it comes to managing financial matters, one of the components that most people have to deal with is the issue of credit card debt. It is not unusual for an individual to leave behind some amount of credit card debt at the time of death. Survivors may be concerned as to what amount of liability is present with this form of debt. Because there are varying practices allowed by law around the world, it is not possible to definitively state that in all cases credit card debt is not included in the inherited debt passed on to the survivors of the deceased. The good news is that in most cases, the inherited debt that may be tied to the estate of the deceased does not include credit card debt. The estate may be responsible for the debt up to the value of the estate, but usually no more than that.
