credit card

Submitted by luvnet217 on Thu, 02/12/2009 - 14:12

If you could not paid your credit card until you died.what are the other way of company of credit card will do if the credit card owner was they need to force his family to they have authority to do that?

Luv, I think what you are asking is if family members are responsible for their loved ones debt if their loved one was to die. The answer is yes and no. Let me try to explain:
Yes if they are on the account. If this is a joint credit card then if the loved one passes on the remaining person on the account will be responsible for paying the remaining balance. If you plan to keep this card open it would be a good idea to contact the company and have one issued soley in your name.
No if there is not anyone else listed on that credit card accoutn then they are not responsible for paying the remaining debt. I hope this helps you.

Thu, 02/12/2009 - 19:11 Permalink

yes,thats what I am asking.thanks now I know who will be responsible if the love one will die if who will pay for his debt.I like to have one but I do not have a job.I try to inquire but they said to credit card company that I must have a stable job and my monthly salary must mot be lower than 25,000 pesos a you know any Idea how to get a credit card even a don,t have a job?

Thu, 02/12/2009 - 22:52 Permalink

If any of the family members have co-signed the credit card agreement, then that person is liable to pay off the credit card debt once the other card holder dies. However, if none of the family members have co-signed the loan agreement, then the credit card debt dies with the card holder and no one is liable to pay off the debt. This is the reason why credit card debt is an unsecured debt and has a high interest rate.
Now, if the card holder has a credit life insurance, the insurance company pays off the debt in the event of the debt of the card holder.

Fri, 02/13/2009 - 11:22 Permalink

thank,I learn a lot for all you information that you gave to me.s0o his family is mot responsible to pay his debt in some cases.but in some cases his family is responsible to pay.

Mon, 02/16/2009 - 00:02 Permalink