While getting caught up in the fun of making large purchases or spending on exclusive vacations, many of us don’t realize that what we buy now may be following us to the grave. This recent article in The Columbus Dispatch states that studies appear to show that Americans are taking on more debt than ever and much of it will follow them in death. One of the studies shows that young Americans are accumulating approximately $5,000 more in debt per generation and that it is taking longer for them to pay it off.
Many of you may ask, “Well what happens to this unpaid debt?” Many creditors will try to go after your estate if there are any assets to obtain. Your relatives will not have to pay any of their hard earned money to your creditors but it will prevent them from obtaining the full inheritance. In order to combat this problem, creditors may need to raise minimum payments. If you find yourself with insurmountable debt, you may want to contact a debt settlement attorney in your area. They can likely relieve you of the burden and also the burden from your heirs.
Kevin Fallon McCarthy
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