Help Credit card debt - what happens?

[Fennec123]

I was just wondering what would happen to my outstanding credit card bill once I'm gone. I get mixed results when I google it… Some people say it gets transferred to your family… Whereas some people say it just gets cancelled. Is there anyway I can find out definitively? I don't really want to ask my credit card company because obviously it would look very suspicious!

 

[dragonofenvy]

It goes to your estate. Your estate is just whatever assets you have. So the bank would sell your possessions to pay the debt. If you have a beneficiary then yes they can inherit those debts. However, they cannot legally force them to pay those debts they're not legally responsible for. They will be responsible If they cosign, potentially too if they are their spouse (this is mainly for medical expenses so wouldn't worry about it). This is based on American laws which most other countries generally follow so find your own country's resources on their government websites if available. Most of the time though it's not worth the creditor's time and resources to pursue your debt.

Debts and Deceased Relatives

Here’s what to know about the rules and your rights when a collector contacts you about a deceased relative’s debts.

consumer.ftc.gov

What Happens To Credit Card Debt After You Die?

Unfortunately, credit card debt does not simply vanish when we are no longer around to pay the bills. Instead, this debt is considered part of our estate and then managed by an estate executor. For those interested in knowing more about what happens to credit card debt and any accumulated credit car

www.forbes.com

 

[DarkRange55]

It goes to your estate. Your estate is just whatever assets you have. So the bank would sell your possessions to pay the debt. If you have a beneficiary then yes they can inherit those debts. However, they cannot legally force them to pay those debts they're not legally responsible for. They will be responsible If they cosign, potentially too if they are their spouse (this is mainly for medical expenses so wouldn't worry about it). This is based on American laws which most other countries generally follow so find your own country's resources on their government websites if available. Most of the time though it's not worth the creditor's time and resources to pursue your debt.

Debts and Deceased Relatives

Here’s what to know about the rules and your rights when a collector contacts you about a deceased relative’s debts.

consumer.ftc.gov

What Happens To Credit Card Debt After You Die?

Unfortunately, credit card debt does not simply vanish when we are no longer around to pay the bills. Instead, this debt is considered part of our estate and then managed by an estate executor. For those interested in knowing more about what happens to credit card debt and any accumulated credit car

www.forbes.com

Yes.
When someone dies, their credit card debt doesn't simply disappear. In most cases, the debt becomes the responsibility of their estate. The executor or administrator of the estate is typically responsible for using the deceased person's assets to pay off their debts, including credit card debt. If there aren't enough assets to cover the debt, it might not be fully repaid, and the remaining debt usually doesn't pass on to surviving family members, unless they were joint account holders or cosigners.

It goes to your estate. Your estate is just whatever assets you have. So the bank would sell your possessions to pay the debt. If you have a beneficiary then yes they can inherit those debts. However, they cannot legally force them to pay those debts they're not legally responsible for. They will be responsible If they cosign, potentially too if they are their spouse (this is mainly for medical expenses so wouldn't worry about it). This is based on American laws which most other countries generally follow so find your own country's resources on their government websites if available. Most of the time though it's not worth the creditor's time and resources to pursue your debt.

Debts and Deceased Relatives

Here’s what to know about the rules and your rights when a collector contacts you about a deceased relative’s debts.

consumer.ftc.gov

What Happens To Credit Card Debt After You Die?

Unfortunately, credit card debt does not simply vanish when we are no longer around to pay the bills. Instead, this debt is considered part of our estate and then managed by an estate executor. For those interested in knowing more about what happens to credit card debt and any accumulated credit car

www.forbes.com

** I'll be more specific.
The decedent's estate is responsible for the debt and the executor of the estate is supposed to pay off debt before distributing any assets to beneficiaries. If the estate doesn't have enough to pay the debt then the credit card company would absorb the loss.

 

[Fennec123]

Thanks for the replies!

To explain my situation a little better: I'm from the UK where i have a will.. although this was back when i owned a property... which I no longer do. I have no other things in the UK, no outstanding debts or physical things. I live in Norway now, where i also have no outstanding debts. I own no property and all my belongings (literally just a bit of furniture and boxes of "stuff") are all in a single storage unit.

I guess i just want to be sure that if i max out my UK credit card before i go, that it won't get passed on to my mum back in the UK

 

[Praestat_Mori]

I guess i just want to be sure that if i max out my UK credit card before i go, that it won't get passed on to my mum back in the UK

Idk about UK inheritance law but maybe your mum could be the one inheriting from you automatically. She would have to reject the inheritance. If she accepts it she'd also accept debt and would be responsible to pay it back.