There's no doubt that debt is hard to settle. And according to Credit.com, 73% of their consumers had a significant amount of debt when they passed away, averaging at around $61,554. A majority of their debt was due to unpaid credit card balances and loans (such as auto, personal and student). Usually, when there aren't enough assets to cover the debt, creditors end up only getting paid some of what they were owed in the first place. However, handling debt after death isn't always so easy. Factors such as the type of debt, where one lives and the value of their estate makes it much more complicated. For example, if your only asset is a home that other people live in, then that asset is used to handle the debt. However, the people living there might have to handle the mortgage themselves or the house must be sold to the creditors. Essentially, the debt would easily be passed onto someone else, even though it's not theirs.
In your opinion, what is the best way to handle/avoid debt?
Why is it important that we learn about debt at a young age?
Do you expect the number of people with debt after death to increase or decrease in the future? Why?
A great way of avoiding debt in the future as young adults, one must avoid credit cards for the reason that spending money that you do not have, will be a mistake in the future. Also, if young adults aren't aware how to spend there money and aren't given the knowledge on how to spend money, then the amount of debt after death will increase for Americans.
ReplyDeleteSolving the problem of ones debts are extremely important and the earlier you do so the better, so i think that learning about debt earlier will stop people from gaining debt.
ReplyDeleteThe best way to avoid debt is by paying your bills on time and also know how much money you have to spend and learn how to budget well
ReplyDeleteThe best way to avoid debt is to stop relying on credit cards. I'm not saying completely get rid of credit cards. In fact, they are very important, and building a good credit score can save you in life. So definitely have one, and use it! However, people depend on them too much. They spend money they do not have, and it will take them longer to pay back. It is important that we learn about debt at a young age because if we do not, then we will fall into the same trap. Having that knowledge will give us a better understanding on how we will manage on our own one day in life. It is an important skill that all must have.
ReplyDeletei think the best way to avoid debt is to just not borrow money if you are bad at managing it. Not only that but you can keep better track of your money as well. It is important we learn about debt at a young age because then we are more prepared for the future.
ReplyDeleteThe best way to avoid debt is learning how to budget and paying your bills on time. It's important to learn about it at a young age so we can prepare to start paying for large amounts without building debt that we cannot handle or pay off in the future.
ReplyDeleteI agree with lynn and think the best way to avoid debt is learning how to avoid it at all costs. Learning to budget and not being late on payments will be key
ReplyDeleteThe best way to handle debt is to make sure to doesn't build up and begin paying back the loans earlier on.
ReplyDeleteI think a great way to avoid debt is making sure you are informed about the topic and make sure you are smart about it. Also, a good way for people to avoid dying with debt is trying not to get there in the first place.
ReplyDeleteI think the best way to avoid debt is to not go into debt at all to begin with. Even if you do go into debt make sure it is small debt that you can easily pay off. It is important because everyone at one point is going to get into debt, it is better to learn younger so we can be more aware of the risks that come along with debt. I think it will increase because that debt just moves onto the next family member and if they have their own debt that builds up on their financial record.
ReplyDeleteBest way to avoid credit is just by not using a credit card. just spend the money if you actually have it
ReplyDeleteI think that the best way to avoid going into debt is to understand everything you need to know about credit cards. Once you go into debt, you need to realize something has to be changed or it will be very difficult to come out of it.
ReplyDeleteIt is important to learn about debt at a young age in order to avoid it completely, and by building the characteristics of a financially literate person would lead to success in the future. Having a small amount of debt may happen, but paying it off without waiting for interest to accumulate would save a person from an exponentially worse scenario. Also, the best way to handle debt is to pay your bills on time and have a complete understanding of credit card use and a general budget in order to serve as a guideline. I think the number of people in debt after death will decrease in the future since people are learning more about credit cards, and the economy is a lot more stable now than it was in the past couple of decades.
ReplyDeleteAvoiding debt starts with education while one is young. Yes, in high school it is okay to spend money with the comfort of parents for the major expenses, but even keeping track of said spending money is a good place to start. Also, the amount of debt will only increase with the cost of living rising, but more importantly, with the elderly taking on the debts of grandchildren going to more and more expensive colleges nowadays.
ReplyDeleteI believe that the most efficient way to handle debt is to not get into it at all. That is some bad stuff right there. Because it should teach us how it can ruin your life if it is not handled right. I believe is will increase because over time it will be given to others.
ReplyDeleteI think the way to avoid having debt is to not take big loans and not go into the negatives on your credit card. Its important to learn about this at a young age because it's young people that make mistakes with credit.
ReplyDeletei think the best way to avoid debt is to be very careful with using credit cards and loans . spend as long as you know you can pay it off fast and easy so you don't wake up one day to a large amount of debt you are unable to pay anymore.
ReplyDeleteI think only using a credit card when you know you can pay it back will keep people out of debt. It is important to learn about debt at a young age because most young people aren't in serious debt yet.
ReplyDeleteI agree with Ryan on how using your credit card wisely will help you stay out of debt. If you use your credit card and know you can pay it back, it should go good for you. It is important to learn about debt at a young age because it is something hard to get out of and it is not taken as seriously yet.
ReplyDeleteI think the best way to say out of debit is to save money early and then use it when you get older, and invest your money wisely, that way when it would just be sitting in a bank, it can be making more money. I think it's important to learn about debt at a young age that way we can avoid running into debt later in life.
ReplyDeleteTo prevent debt, one important rule to keep in mind is needs vs. wants. Use your money wisely, always putting needs (like food, water, electricity) first and only buying wants (like toys and fancy clothes) once in a while.
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ReplyDeleteThe best way to avoid debt is to only spend money towards things that are necessities and not throw money away carelessly. So that we can avoid making the same mistakes future generation have before. I think it's going to increase. People are becoming more and more materialistic which prompts them to spend more.
ReplyDeletethe best way to avoid debt in the future is too not spend money you don't have and stop spending money on things that are not necessary at all.
ReplyDeleteAs we learn in class, the best way for us to not accumulate debt is to not spend money you don't have, always pay your bills on time, and don't max out your credit cards. Debt is a part of everyone's life at one point or another. As long as we stay on top of our debt and don't let it drag out. We should be fine in that sense.
ReplyDeleteI think that the best way to avoid getting trapped in debt is to spend only what you have and to avoid credit. Also paying your bills on time is an important thing to do.
ReplyDeleteThe best way to avoid debt is only getting the credit cards you actually need rather than random ones, and also pay them off as soon as possible by adding more money every payment.
ReplyDeleteThe best way to avoid debt is to make sure you pay everything off when it is due. It is important to learn about debt very young because when we are younger we are much more prone to debt that when we are older.
ReplyDeleteThe main reason why young adults get into so much debt are because of credit cards because we do not how to use them properly and with little money that most teens have they aren't able to pay off their debts either on time or not at all.
ReplyDeleteI think paying your bills on time is very important in making sure you don't go into debt, also not maxing out your credit cards multiple times.
ReplyDeleteThe best way to handle debt is definitely not committing suicide. No matter how hard it may be to get by, there is always a way to get out of debt by a good mentality and physical determination.
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ReplyDeleteThe best way of handling debt is to start handling your money more responsibly so that you're about to start paying off what you owe
ReplyDeleteIt's important for young adults to learn about debt so that they can budget accordingly. By the time many students get to college, they should know the basics of paying off debt and how to budget.
ReplyDeleteBased on what we learned I think that the best way to stay out of debt is to stay away from credit cards.
ReplyDeleteThe best way I would think handle and avoid debt would be educating young teens more about debt so they would know what they would facing if they don't use money wisely. Its important that we learn about debt at a younger age so we prevent making mistakes with money in the future. Better learn now than feel sorry later. I would think that debt after death would decrease because we are starting to educate more people about wasting money and making smarter choices which will affect the number of people in debt after death.
ReplyDeletedebt has become something that does not seem to be becoming less of a problem. on the contrary, with the growth of college tuition prices, debt is going to increase in prevalence
ReplyDeleteUnless there are some extreme changes in the future I believe that the amount of people with debt and the size of said debt will only increase, It is important to be fully educated about debt when you are young because it is when most people accumulate debt, and they end up working to pay it back the rest of their lives.
ReplyDeleteA great way to avoid debt is to not use credit cards or paying with money that you do not have. Also, having a budgeting can help a person not fall in debt.
ReplyDeleteIt is great to use credit cards, so we should use them, but, there is also high risk when using them, so the only way to use a credit card is to pay what you can, and only what you can.
ReplyDeleteIt is good to use credit cards but only if you understand how they work and what you need to do to pay off the credit cards. Some people do not understand how they work so they go in debt after they spends them.
ReplyDeleteIt is important to learn about debt at a young age because it is really easy for debt to accumulate and spiral out of control. I expect the number of people with debt to increase in the future. There are only a growing number of expenses to be paid.
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