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Valued Contributor
my-own-fico
Posts: 1,308
Registered: ‎01-05-2010
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Dying with debt: A dirty little retirement secret

Frequent Contributor
Peach8321
Posts: 274
Registered: ‎12-31-2008
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Re: Dying with debt: A dirty little retirement secret

Nothing new there...and not talking about finances is fairly universal, not just restricted to "elderly" adults.  I'm probably the only one in my peer group that knows what a FICO score is, what it can do for me, and how to use my credit cards.  One of my classmates just admitted she has no idea what her budget is and doesn't want to know.  Even my parents get skittish when I talk to them about finances...and it took me nearly a year to get my mother to write a good will letter to Discover, she didn't know it was possible!

 

But I do think the article brings up one important point - credit cards (and other debts) must be paid before heirs from an estate.  A point I think a lot of elderly don't know so they don't plan for.  I think part of writing a will should include a discussion by the lawyer on debts...that would help a lot of people.

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Current Score: 762
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