WASHINGTON-- It’s not a pretty thought but according to a recent study, you’re probably going to die in debt.
According to Credit.com’s 2016 data, 73 percent of consumers will die owing $62,000 on average in outstanding debt.
The report was broken-down to show the percent of debt that each individual will leave after they have passed on.
The majority of individuals will have 68 percent remaining in credit card debt, 37 percent in Mortgage debt and 25 percent in car loans. The lower end showed personal loans at 12 percent and student loans at 6 percent.
Unless you have an estate plan or will in place your family will end up being responsible for your remaining debt.
The banks can even take your house!
So, next time you want to swipe that plastic for something flashy think about what'll happen when you kick the bucket!