what happes to the credit card debt or loan debt that you accrue after you die?

Question

i've heard your family has to pay it is this true?

Answer 1

Any debt accrued after you die goes against your estate. The estate administrator has to pay it out of their own pocket if that estate has no money or owes money. No assets can be distributed until all the bills are paid first.

Any loans remain active untill they are paid off regardless if you are alive or dead.

Answer 2

The beneficiary of your estate. My ex boyfriends dad died when he was twenty and since he was the beneficiary of the estate he had to pay all of his bills. Luckily he had enough cars and other assets to sell to pay for a lot of it. But that is why life insurance and all those other precautionary accounts are so important.

Answer 3

Yup, what he said. That is unless you have credit card insurance that they offer on them. Then it will pay for the bill in case of death or injury. But then again, either way, the banks get your money either way.

Answer 4

it goes to anyone who is related like if ur a father u die goes 2 ur oldest son. screwed up. yeah but someone has 2 pay