TIFFLS

Another booming industry in the U.S.: collecting debts owed by the dead, from relatives who aren't responsible for them.

Unfortunately, many relatives don't know they're not responsible for the debts of their deceased loved ones or are simply guilted into "clearing mom's good name". http://www.nytimes.com/2009/03/04/business/04dead.html?_r=2

Another booming industry in the U.S.: collecting debts owed by the dead, from relatives who aren't responsible for them.

by TIFFLS

4/26/10

Theresa111

Theresa111 You are indeed correct that the family does not owe a deceased relative's debts. It is sad to think of these collectors making a bad name for someone who has this unpleasant job to perform.

4/27/10

Aluwir

Aluwir Oh, dear. Then, there's the long-term effects of all those millions of people who die and *don't* get their debts cleared.

4/27/10

Theresa111

Theresa111 You can't take it with you, neither the possessions, funds or debts. Besides most businesses have bankruptcy and death insurance for their debtors.

4/27/10

TIFFLS

TIFFLS Aluwir, I suspect that if sufficient numbers of people died with no estate from which to satisfy large outstanding debts, the system would work differently--more security would be required, or co-signers, for instance. Isn't this exactly the kind of risk the credit industry is always telling us "forces" them to charge high interest rates and fees?

4/27/10