Your creditors can’t pursue credit card debt payments after your death. However, never think that death is the ultimate solution to credit card debt relief.
Today, we will unpack the issues at hand and offer the knowledge you need to protect yourself and your family.
- Stop Using the Card - Make a List of the Outstanding Credit Card Accounts - Notify the Creditors and the Credit Bureaus - Clear the Outstanding Credit Card Debt
After your death, your assets are used to repay your credit card debt. Then, the remaining assets are distributed to your heirs.
That means that your estate is insolvent. In this situation, your heirs may have to repay your credit card debt.
Here are a few assets which the executor can’t use to repay the debt: – Life Insurance Proceeds – Brokerage Accounts – Retirement Accounts – Assets in a Living Trust