Columnist Earl Wilson once said, “Today, there are three kinds of people: the have’s, the have-not’s, and the have-not paid-for-what-they-have’s.” Who are you?
There were some shocking statistics recently reported, regarding debt carried by deceased Americans.
The credit bureau Experian’s database consists of 220 million consumers, roughly 90% of the adult population in the U.S.
And 73% of their consumers had outstanding debt of $61,000 at death!
The highest percentage was credit card debt, then mortgage debt, auto loans, personal loans, and student loans. If you dont count home loans, the average unpaid balances totaled nearly $13,000.
So, what happens when people die owing money? If they carried life insurance, traditionally purchased to care for beneficiaries, money will go to the estate to pay off any debt. But, repayment can get messy if the deceased co-signed any notes, or had a student loan through a private company.
So, what’s the lesson for you?
A great way to start getting your house in order is with Crown’s online MoneyLife Personal Finance Study. It can help you apply God’s timeless wisdom and practical principles to your finances!
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