Dying with debt: A dirty little retirement secret

[Goteki45]

I'm going to teach my kids that credit card debt is bad period. If you can't pay with cash, then you do without until you save up and can buy it for cash.

[Flamingo]

Good to repeat that. Nice post.

Unsecured creditors get what they deserve. The unsecured creditor goes into the business relationship knowing that they may get screwed. Too dam bad. They charge those high interests for a reason, because they know they can get away with it and because their business model allows them to still profit even if others default.

Just like the people going to hell because they don't seek knowledge, the same applies to debt!

Get knowledge people! I am in my 30s, and darn it, I am starting to get it.

Now, someone please offer me some humble pie so I don't get a big head and let pride break me to a fallen man again!

I disagree with your first sentence because a credit agreement is a joint agreement between two parties and both have responsibilities as to the agreement/contract. I don't think I would lend out several thousand dollars to someone I believe would not pay me back and I get "screwed" in the end and I am sure most posters on here would state the same.

Since this thread is about debt after someone passes, anyone running up piles of debt on purpose before they pass needs to know that they will leave a mess for their family to clean up and also if they do not plan their estate properly, can end up losing most of it. Someone has to pay for the burial, plot, etc. and if you have a loan on a vehicle they will come get the car if no payment is made and the mortgage will not disappear on any house passed on to a spouse or relative. Most responsible people would not run up credit cards on purpose before passing and I am sure all banks and creditors are aware people would do that and watch accounts and take steps to prevent that from occurring, just as they would if anyone of any age started running up charges and not making payments or any attempt to pay down the bill.