Setanta
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\/ Peace man!
Posts: 15900
Northern NSW
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Aussie wrote on Jan 11 th, 2018 at 9:12pm: Setanta wrote on Jan 11 th, 2018 at 8:58pm: Aussie wrote on Jan 11 th, 2018 at 8:49pm: Setanta wrote on Jan 11 th, 2018 at 8:36pm: Aussie wrote on Jan 11 th, 2018 at 7:48pm: Setanta wrote on Jan 11 th, 2018 at 7:39pm: issuevoter wrote on Jan 11 th, 2018 at 8:42am: Have not needed one in years. If I can't afford it, I don't buy it.
Just a thought: can you put life insurance or funeral insurance on a credit card? Sure, and if you die before you pay it back it's an unsecured loan and your estate pays nothing. I'm looking forward to paying for my funeral that way.  I have a credit card, it's a handy thing to have but it should be used properly not as a "Hey! I've got 5, 10 or 20G to spend, yay!, gotta get down on Friday, weekend, weekend, party, party" I suggest you get advice from a better qualified person than whatever idiot told you that garbage. I got it from a friend who's wife died with CC debt in her name and no he didn't have to pay it back. It's unsecured debt, that's why the interest is so high. Feel free to share if you know better. edit: You may be right...https://blog.creditcardcompare.com.au/what-happens-to-credit-card-debt-when-you-...Perhaps she had no assets in her name and because it was not a joint card... Quote:DEATH AND CREDIT CARD DEBT
If you think that leaving your death to take care of your credit card debt is a solid plan after all, you would stop spending on the card you could actually be leaving your family to pay for the costs of your bad debt. The way that credit card debt is handled after death changes with legislative differences across our borders, however, in most cases the amount needed to clear your credit card debts when you die will be taken out of your estate or the assets you wanted to leave to your family.
Once the amount of your credit card debt has been deducted from the value of your estate, your beneficiaries will be given access to whatever is left if anything. Alternatively, your estate and assets wont be enough to cover the total of your credit card debts when you die, in which case the bank has to write off the debt as a loss. Of course, the bank wants to avoid writing off the debt, and will look at every other possible avenue, as they may also be the same institution which holds your savings account, transaction account, home loan or other controllable assets a commonplace scenario in Australia. However, before the bank can start using your assets to pay off your credit card debt, they must first go to court to obtain an order to allow your assets to be sold to pay off your debt.
That last highlighted may be subject to a cost/benefit analysis on the banks behalf, I suppose. I may be right? I haven't said anything other than to tell you what you posted was rubbish. It seems you have now realised that yourself. I guess you must have asked Mr Rort's Taxi Driver. Bad guess, I'd trust google over a taxi driver any day. Still, mate's wife's CC debt was wiped, I suppose it wasn't worth their time on that one. It means the person with a CC debt who died had a bankrupt estate. Simple as that. Or perhaps the cost of a court order and all the costs involved in chasing it was not worth it, cost/benefit, she was not a bankrupt.
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