Collecting Credit Card Debt: Know The Facts

How much do you know about the statue of limitations on credit card debt? Credit card companies have specific rules and regulations that they must follow when it comes to collecting old debt.  Even if you're not late with credit card payments right now, you should know as much as possible about these rules. A major medical incident, foreclosure of your home, or loss of your job can be devastating to your financial situation. When it comes to old debt, knowledge is power and the more you know right now, the more you can help yourself down the line if you hit financial trouble.

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Credit Card Debt: What Happens When You Die?

You certainly can't take it with you, so what happens to credit card debt when you die? Knowing a little bit more about how credit card debt works can help you manage this issue early on and avoid unnecessary stress for surviving family members.

In the case of an insolvent estate, credit card companies write off bills. Family and friends can't inherit debt.

If there is enough money, the executor of the estate must notify the credit card company. Upon notification, the credit card company must stop assessing fees and late charges. This is to protect the estate from excessive charges.

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