Are You Responsible for Your Family’s Debts?

Posted by: Desiree B. | Jan 06,2008

Find out if you are responsible for your family debts. If you are working to clean up your credit report, you need to know how your family’s debts reflect upon your credit history. What you should know about family debts:

If your parents have defaulted on debts, unless you were listed as a payor, you are not responsible for these types of family debts. Hopefully, if your folks have struggled with debt, you’ve learned from their mistakes.

If your kids charge up a lot of debt on your credit cards, you’ll be responsible for this type of family debt. If you let your kids use your credit cards, talk to them first about their limits for purchases, how much of the debt is their responsibility, and monthly due dates for payment.

If your spouse passes away and has left unpaid debts, you are most likely responsible for paying his or her debts. If you and your spouse have separate credit card accounts, make sure you know how much outstanding debt they have to avoid confusion later.

Learn more about consolidating your debt with a loan from LowerMyBills.com. LowerMyBills.com lets you compare loans online from multiple lenders to find the best rates.

 

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