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I know of a friend that will be leaving 150,000 dollars in medical debt.
You're probably going to die with some debt to your name. Most people do. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.
Families paying their deceased family members' debt is an extremely rare occurrence. Which is why I find it surprising that creditors aren't allowed to consider age as a basis for determining credit eligibility.
Families paying their deceased family members' debt is an extremely rare occurrence. Which is why I find it surprising that creditors aren't allowed to consider age as a basis for determining credit eligibility.
But they could, if they wanted, require life insurance, and it wouldn't count as discriminatory if the policy, as almost all life insurance policies do, factors age in to the risk equation.
Yeah, don't mean much without knowing how much those 73% had in savings or assets to cover those debts. I continually have a balance on my credit cards and they continuously get paid in full each month with healthy reserves left over. Silly article but this is why I gave up on Yahoo long ago. Frankly I am surprised it is that low.
I know of a friend that will be leaving 150,000 dollars in medical debt.
You're probably going to die with some debt to your name. Most people do. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.
Articles like that irritate the p*ss out of me. First, it doesn't differentiate between secured and unsecured debt. Second, when it gives an "average" that is NOT an average of the wealth of people when they die, making it a meaningless masturbation of figures. Third, it was obviously written to encourage spending within the estate planning industry. Fourth, the information is inaccurate at best. A state doesn't "write a will for you." Laws for those who die intestate are straightforward. Fifth, medical debt is often grossly inflated, pumped up by expensive end-of-life procedures that have zero chance of success but are used to ding insurance companies to make up for underpayments in other areas. Sixth, when including medical debt, a lot will eventually be paid by insurance after the usual delays due to "improper coding" and other stalling tactics. Seventh, estate estimates only covers items that are probated. A house or vehicle with joint ownership often passes (along with the value) to the spouse outside of probate, as can bank accounts with designated beneficiaries.
In short, the article is a misleading whinge that any competent editor would flush down the crapper along with the junior journalist and his bar tab paying buddies.
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