After Death, Who Inherits Credit Card Debt?

Posted by administrator | 21/08/12 | Tagged Credit Card Debt

After Death, Who Inherits Credit Card Debt?
News from Fox Business:

After the death of a family member, many spouses, ex-spouses and even adult children find themselves with a surprise “inheritance” — leftover credit card debt.

When someone dies, the estate pays credit card balances and other debts. If a person dies with more debts than assets to pay them, creditors can be out of luck — and they often are.

But there are exceptions that could leave you on the hook for someone else’s credit card balance after that person’s death.

Joint Cardholders Beware

If you’re a joint cardholder, meaning you co-signed for the credit card, you’re liable for the debt. Parents sometimes do this for children who are just starting out, or adult children will co-sign with their elderly parents, perhaps to help keep track of expenses.

If you’re only an authorized user, you’re not liable when the cardholder dies. If you co-signed as a joint cardholder, then you just got a new credit card debt.

“Sometimes, people can be on a credit card and not even know it,” says Pennsylvania attorney Linda A. Kerns. “Maybe when they filled out the credit card applications, (the joint cardholder) didn’t even tell them.” These accounts could show up years later, at the tim…………… continues on Fox Business

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Biz Brain: Waiting won’t help to address hefty credit card debt
News from The Star-Ledger – NJ.com:

Q. My son has not paid his credit cards in about four years and he hasn’t contacted the creditors. He owes about $ 20,000. He doesn’t have savings or a checking account, he lost his job and is financially below poverty. He finally started working and does not make much. He has other debts he must pay. If he waits seven years, will the debts be off his credit record? If he applies for a new credit card in the future, will they know about his history?
– Broke in New Jersey
A. Your son is facing quite a few credit issues, and hiding his head in the sand really isn’t the answer.
An important issue is whether the credit card companies have been contacting your son, said Ilissa Churgin Hook, a bankruptcy attorney with Hook & Fatovich in Wayne.
“The credit card companies can commence lawsuits against your son for breach of contract based on his failure to pay the outstanding debt,” she said. “The statute of limitations for breach of contract is six years in New Jersey.”
Hook said the credit card agreement(s) may contain a provision that any litigation between the parties is governed by the laws of another state. Assuming that New Jersey law applies, your son can still be sued by the credit card companies for breach of contract as he has not made payments in four years, Hook said.
If the credit card companies sue and obtain judgments, they woul…………… continues on The Star-Ledger – NJ.com

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Retailer Surcharges Would Dampen Credit Card Use

Posted by administrator | 21/08/12 | Tagged Credit Card

Retailer Surcharges Would Dampen Credit Card Use
News from CSNews Online:

AUSTIN, Texas — A proposed swipe fee settlement would give retailers the green light to charge consumers a surcharge for using a credit card, but a new poll suggests that consumers will not graciously accept the extra charge.

According to a new poll by CreditCards.com, nearly two in three Americans — 65 percent — said they would stop using their credit cards if retailers start adding extra fees to credit card purchases — regardless of how small that fee may be.

The extra surcharge has been prohibited by Visa Inc. and MasterCard. However, a deal now on the table to settle a 2005 class-action lawsuit would allow retailers to implement a surcharge, possibly in early 2013, to help recoup the swipe fees (also known as interchange fees) they have to pay every time a customer pays with a credit card, according to CreditCards.com.

As CSNews Online reported two weeks ago, the plaintiffs in the class-action suit have until Oct. 19 to accept the proposed settlement. According to the terms o…………… continues on CSNews Online

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28 Credit Card Offers To Eye
News from Business Insider:

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