You can't take it with you!

[Gob]

You’re probably going to die with some debt to your name.

Most people do. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.


The data is based on Experian’s FileOne database, which includes 220 million consumers. (There are about 242 million adults in the U.S., according to 2015 estimates from the Census Bureau.) Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by auto loans (25%), personal loans (12%) and student loans (6%).

These were the average unpaid balances: credit cards, $4,531; auto loans, $17,111; personal loans, $14,793; and student loans, $25,391.


http://www.foxbusiness.com/features/201 ... -debt.html

[RayThom]

No worries. I plan to go out owing some credit card or bank debt. As long as no one else has their name on my debt then my debt stays within my meager estate. No one else is accountable. Credit life insurance -- banks loans and/or cards -- pays the balance owed on my card when I die.

With my FICO® Score of 821 I'm good to go... whether standing up or feet first.

[oldr_n_wsr]

When my cousin had pancreatic cancer he tried to by a fully outfitted fishing boat and some other stuff but was refused credit. He planned to go out heavily in debt.
He did manage to die with a large debt and no assets anyway.

If I died today the only debt I would have is my car loan which charges less than 1% interest rate on it. Otherwise I would have bought it outright. I think there's only $5k left on it anyway.

Maybe some charges on the credit card but those get paid in full every month anyway.

[BoSoxGal]

So what? Creditors are insured for this and get big tax write-offs on discharged debt - to go along with all the rest of their massive corporate welfare.

Unless I win the lottery, I'll die owning student loans, as do many folks nowadays. It is what it is.

Too bad public servants can't earn big bonuses for putting child molesters and other heinous criminals in jail, the way Wall Street crooks earn them for screwing everyday Americans.

It's the system that is broken.

[rubato]

"Mortgage Debt" is not really debt unless you are upside down. You have a net asset which is greater than the money owed on it, not a debt.


yrs,
rubato

[oldr_n_wsr]

Mortgage paid.

[dales]

Same here.

[Jarlaxle]

House sold, taxes too much.