Who is Responsible for My Credit Card Debt if I Pass Away?

by : Court Tuttle

During a devastating time like this, the last thing you want to think about is money. Your spouse just died, but credit card companies do not necessarily consider how you feel at the time.

All they have to worry about is whether or not your spouse's credit card debt will continue to be paid, even after their death. So are you the one responsible for his debt, even at a difficult time like this?

Credit card debt is something that is sometimes necessary. We need it to buy some of the necessities in life. But what happens when you buy things on credit that you are paying for not only for years, but for a lifetime?

What if yours or your spouse's life does not last long enough for you to pay off the debt that extends beyond it? Who ends up paying the bills?

It depends on who you are, what kind of debt you have, and whose names were joined on the credit card account of the diseased. If yours or someone else's name is on the contract along with the original card holder, you or that person are responsible for the debt they leave behind.

That is why it is important to consider all the factors when you go to cosign on someone's credit card agreement. When you agree to have a joint credit card account, you are agreeing to pay the debt that the card holder cannot pay, and the same goes for them.

If the credit card debt was in the in the name of the deceased alone, with no one else that agreed to take on the debt that was incurred by that specific card, then no one pays for it. The credit card company is required to just eat the debt that is owed, whether or not there is existing family to pay the debt or not.

Sometimes credit card companies will try to get you to pay the credit card debt off with your assets. In some cases, using your assets to pay for your credit card debt is required. In several instances, though, the credit card companies will resort to forgiving the debt, if it is not too much.

The time you had with your loved one was a time in which you could create memories, influences, and moments that would last for an eternity long after their death. Things like their credit card debt should not be one of the burdens that are left behind to be borne by their loved ones. That is what having memories is all about.

You should also be able to leave your own loved one with something worth remembering, not something that will be a weight on their backs for years to come after your death. You want to leave this world with peace of mind, and this will help you to do that.