Death, Taxes, and Debt!

Written by Administration | 08 September 2011

Death, Taxes, and Debt!

It’s now 3 things that are certain…

They used to just say, “The only things you can count on are death and taxes”.  Well throw one more euphemistic log on the fire because you can apparently now count on your debt following you in to the hereafter.  And if it’s not stalking you in a restless payment purgatory, you can count on your debt being there for your grieving relatives.

According to a recent article  by Janna Herron on Bankrate.com, you can expect collection notices to show up in the mail long after the condolence cards have tapered off.  It might be tacky but one source in the article stated, “Creditors certainly have the right to pursue the estate for debts owed by the consumer when they were alive," says John Ulzheimer, president of consumer education at SmartCredit.com.  "In some cases, they could sue the estate for payment."  Well isn’t that thoughtful.

So what do you do to protect yourself and your loved ones in the event of your demise?  Take action on your debt at most and at the very least make sure your estate spells out what to do with your debt to shield your family as best you can.

I suggest reading the entire article for more details and getting help with your debt before it’s too late… That way, when the creditors say, “I’m sorry for your loss,” you can reply, “And I’m sorry for yours!”