Posts Tagged ‘Personal Finance’
A loved one’s death is traumatic enough, but when the deceased leaves behind credit card debt, it can mean even more headaches and stress. CreditCards.com’s Dana Kochnower takes a look at what happens to credit card debt after death and who is responsible for repayment.
TRANSCRIPT:
Voiceover: As the recession drags on, more and more Americans are having a difficult time making ends meet.
David Jones, president, Association of Independent Consumer Credit Counseling Agencies (AICCCA): “We’re seeing people with a lot of debt these days. More than they have had in the past.”
Voiceover: And it’s hitting older Americans especially hard. According to a survey by the Federal Reserve, about half of all households headed by someone aged 55 to 64 carry credit card debt. And more than a third of those headed by someone aged 65 to 74 are also carrying credit card debt.
It’s an issue, Jones says he’s seeing more these days…
Jones: We’re also seeing a shift of difficulties with older Americans. They’re reaching retirement age or have already retired, so, yeah, it’s a serious problem.”
Voiceover: If an older parent or spouse dies, sometimes they leave some of that credit card debt behind. So who is responsible for paying it off?
Elder law attorney Ron Fatoullah: The debt does not die when they die. Their estate would have to pay off their debts… certain things get paid off first… There’s funeral expenses, that’s a priority. There’s administration expenses to administer the estate. Of course, the US federal, state, local taxes get paid.
Voiceover: Here are the basic rules… If a card was in an individual’s name only, then only that individual is responsible for the debt. If the account is a joint account, then the surviving account holder is responsible. If someone is an authorized user but not a joint account holder then that person is not responsible for the debt. The exception to the rule is in states with community property laws.
Fatoullah: During the lifetime of the husband and wife, the assets are considered each other’s. And as they grow, it’s their joint asset — that’s the community property aspect of it. So when one of the spouses dies, in many of the community property states, the surviving spouse, whether it’s a husband or wife, will be responsible for the debt of the deceased spouse.
Voiceover: If there’s not enough money in the estate to cover the debt, Fatoullah says it’s tough luck on the creditors.
Fatoullah: Credit card companies can call, they can cry, they can moan, but those debts will not be paid
Voiceover: Still, Jones says, it doesn’t always stop credit card companies from trying.
Jones: Collectors will do almost anything to collect the debt. That’s their job, so consumers need to understand that and not be intimidated. That’s the big thing: Do not be intimidated by threats at all.
Duration : 0:2:58
http://debtsettlement.com provides consumers with debt relief advice and solutions.
Duration : 0:2:7
Handle any emergency with Howcast’s First Aid app – http://howc.st/jkDRTe
Learn about debt settlement in this personal finance terms video tutorial.
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Duration : 0:2:40
When looking for a solution to getting out of credit card debt, use a non-profit credit counseling agency like Consolidated Credit Counseling Services of Canada ( http://www.consolidatedcredit.ca ). Consolidated Credit’s Executive Director Jeff Schwartz discusses the advantages of the debt counseling services and debt consolidation program that Consolidated Credit offers compared to for-profit agencies.
Duration : 0:2:15
Learn about debt consolidation in this personal finance terms video tutorial.
Thanks for watching Personal Finance Terms 101: debt consolidation! If you enjoyed this video, subscribe to the Howcast YouTube channel! http://www.youtube.com/subscription_center?add_user=howcast
Check out Howcast for other do-it-yourself videos from howcast and more videos in the Howto category.
You can contribute too! Create your own DIY guide (at http://www.howcast.com/videos/new ), learn about producing Howcast spots with the Howcast Filmmaker Program (at http://info.howcast.com/filmmakers ), or showcase your expertise in a Howcast video series (at http://info.howcast.com/experts ).
Duration : 0:2:38
Liquidation and Bankruptcy advice from http://www.thedebtsurvivor.com. If you need help and advice on Liquidation, debt management,Personal Finance,Company Rescue,CVA’s,IVA’s, Bankruptcy, Business Rescue Plans or other debt problems and you’re in the UK get in touch with the Debt Survivor today on Freephone 0800 533 5370
There are pros and cons of bankruptcy in England and Wales and if you don’t get the right advice you could be swimming in a sea of misinformation.
Duration : 0:2:2
Credit counseling is a valuable service that can be used to help a person deal with their bills and debt. Learn about the differences between public and private credit counselors with help from a registered financial consultant in this free video on credit and personal finance.
Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC
Duration : 0:1:2
If you feel you need help getting your finances in order, a credit counselor may be of use to you. Unfortunately some scammers and con artists posing as credit counselors are more interested in taking your money than helping you get back on your feet. There are things you need to know before contacting anyone about credit counseling. This video explains what to look for in a credit counselor, when you should consider contacting a credit counselor, and what you can do on your own to improve your credit.
Duration : 0:1:24
http://www.TheInvestorWatch.com/SuzeOrman
CCCS stands for Consumer Credit Counselling Service.
It is an non profitable organisation that help individual in credit card trouble.
However, not all people are qualified for their help.
Find out why and how CCCS works in this video.
Duration : 0:4:30
http://DEBTWARRIORS.com Are you paying more than 12% interest on your Credit Cards? If you are you’re a sucker! You’re even more of a sucker if you’re paying a company to settle your Credit Card Debt.
I know your BS Meter is turned up high right now. But just watch this video and say ‘maybe’ to our Credit Medic credit card debt Reduction Video Course.
This video is the introduction
Duration : 0:3:9