Average American Dies $67K in Debt
"As they go to their graves, Americans are leaving their families a legacy of debt. More than 70 percent of consumers have some debt at the time of their death, according to data from credit bureau Experian released this week.
And it's not just a little bit of debt. It's a lot. The average total balance is $61,554. With home loans taken out of the equation, the average debt was still $12,875.
Of those who had debt when they died, about 70 percent still carried credit card balances. Consumers also had loans for cars, college tuition and other expenses. The average student loan debt still outstanding, for example, was $25,391.
The debt isn't forgiven when someone dies. In some cases, their relatives get the bill.
“Debt belongs to the deceased person or that person’s estate,” Darra L. Rayndon, an estate planning attorney with Clark Hill in Scottsdale, Arizona, told Market Watch.”*
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