Dear Lifehacker, I’m getting on in life and at this point it seems unlikely that my credit card debts will ever be paid off in full. (I can barely afford the monthly interest repayments, let alone the outstanding debt.) I also don’t own much in the way of assets. So my question is: What happens to my credit debt when I die? Do I need to worry about my adult son getting saddled with my debt? Thanks, Down And Downtrodden
Dear DAD,
Sorry to hear about your financial difficulties. The good news is that family members generally aren’t responsible for paying off a deceased person’s outstanding credit card debts. This is what’s known as ‘unsecured debt’.
Unlike mortgages and car loans, an unsecured debt is not tied to a physical as…
Read the full article at: https://www.lifehacker.com.au/2018/01/ask-lh-what-happens-to-my-credit-card-debt-when-i-die/
