Valued Contributor
Posts: 1,308
Registered: ‎01-05-2010

Dying with debt: A dirty little retirement secret

Frequent Contributor
Posts: 274
Registered: ‎12-31-2008

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.

Current Scores: EQ: 740 (2/7/13)

Starting Score: 799
Current Score: 762
Goal Score: 800

Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+