Thursday, May 3, 2018

What Happens to Your Debt When You Die

If you need even more reason to get out of debt as soon as possible, this article on what happens to your debt when you die should inspire you to action.  If you think it is difficult for you and your SO to pay the mortgage and car payment and credit card bills now, image what it would be like to dump all of that debt on a grieving spouse.  The article goes on to detail what happens to other kinds of debt, including student loan debt which can be OK-ish (federal student loan debt is forgiven when the student dies) to horrific (with private student loans the co-signer--often a parent--is stuck with the entirety of the student loan debt if the student dies).

Hopefully you live a long and enjoyable life but everyone needs to know about the ramifications of leaving a large amount of debt behind if they should die early and the impact this could have on your family!

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