Real Answers for Life’s Money Challenges
A few years ago, my parents got divorced.
Im in my mid-30s with my own family.
The divorce was messy with lots of debate over money.
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I dont know if its still like that.
I use it to buy meals here and there.
What Im wondering is, when he passes, will I be responsible for his exorbitant debt?
I never signed anything or asked for the card.
What can I do to protect myself and my credit?
-M.
Dear M.,
My guess is that your father made you an authorized user on his credit card.
Thats just my hunch, though.
You could also call the credit card company to verify your status.
Since you didnt sign anything, this shouldnt be an issue as long as your father is trustworthy.
So for peace of mind, you gotta verify that nothing like this occurred.
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If his estate assets cant cover what he owed, his creditors simply wont get paid.
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Even if your dad isnt racking up debt in your name, authorized user status affects your credit.
In fact, many parents make their children authorized users to help thembuild good creditin early adulthood.
But if the parent misses payments or has highcredit usage, their actions can adversely affect any authorized users.
Now that youre in your 30s, youve probably had ample opportunity to establish credit on your own.
To avoid potential credit damage, Id want my name off this account.
The infrequent purchases you make using this card may be minor.
I dont know how close you are to your father.
But if you have a relationship, Id suggest talking with him directly about his finances.
This can also be helpful because many people need help managing their money as they get older.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
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