People can’t take debt with them, but they may leave behind the bill
Foster City, CA – August 24, 2021 – Compounding the grief over losing a loved one, uncertainty may loom over unfinished business -- or unpaid debts -- that person left behind. One of those debts could be of the credit card variety. To address questions people may have about credit card debt, rewards and other financial matters of a loved one who has died, CardRatings.com, a leading credit card review and comparison site, releases a comprehensive guide, What happens to credit cards when the cardholder dies?
In the guide, CardRatings.com provides insights from financial experts Aaron Leak, founder of ECL Private Wealth Management, and licensed attorney Michelle Creeden of the Law Office of Fox, Kohler and Associates, PLLC tradename National Legal Center. Topics addressed include:
- How credit card companies handle debt when an estate is insolvent
- Whether and when survivors are responsible for the credit card debt of the loved one
- Whether credit card rewards can be transferred to survivors
- If life insurance can be used to pay off credit card debt
- Insight into whether authorized users or spouses can continue using a card after a loved one dies
- General steps people could take when a credit cardholder dies
“When a loved one dies, naturally people have a lot on their mind, so it’s easy to forget to deal with things such as credit cards while grieving or making arrangements,” says Brooklyn Lowery, credit card analyst and senior managing editor for CardRatings.com. “We offer steps and advice to help navigate the ins and outs of managing your loved ones credit cards after their death, everything from contacting the bank to putting accumulated rewards to use.”
Lowery is available for comment on how to handle credit card debt of a loved one who has passed and offer insight on how to find the right credit cards to meet people’s individual needs.
CardRatings is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. CardRatings is a member of QuinStreet’s expert research and publishing division.
CardRatings innovated online credit card ratings and has been offering independent ratings and reviews of credit card offers since 1998. The website collects and maintains data on more than 700 credit card offers and carefully compiles objective lists of the top credit cards by card type, making it easy for consumers to find the right card to fit their needs. Sign up for the bimonthly newsletter here.