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Most people spend years working and saving up for their families. The various assets and investments that you made through the entirety of your career are nothing but the means of sustenance for your loved ones and a comfortable future. Most of us never wonder what would happen if something were to happen to us, this is due to poor planning and fear of thinking about death.
Continue reading Estate Planning Does Not Have To Be A Fuss: Here’s How To Get Help
Published: Mar 24, 2017 11:20 a.m. ET
Americans are dying with an average of $62,000 of debt
You’re probably going to die with some debt to your name. Most people do. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian.
Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.
The data is based on Experian’s FileOne database, which includes 220 million consumers. (There are about 242 million adults in the U.S., according to 2015 estimates from the Census Bureau.) To determine the average debt people have when they die, Experian looked at consumers who, as of October 2016, were not deceased, but then showed as deceased as of December 2016. Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by auto loans (25%), personal loans (12%) and student loans (6%).
These were the average unpaid balances: credit cards, $4,531; auto loans, $17,111; personal loans, $14,793; and student loans, $25,391.
That’s a lot of debt, and it doesn’t just disappear when someone dies.
https://www.marketwatch.com/story/what-happens-to-your-debt-when-you-die-2017-03-21?link=sfmw_fb