If you have a credit card debt and you do not pay it on time, you may be wondering what happens to the account after you pass away. You may wonder who is responsible for repaying the debt and whether or not you will receive loan forgiveness. Although the debt is technically the borrower’s responsibility, real life situations are often more complex. Even though you are responsible for repaying the debt, you may not realize you have not paid it until the bill you just made is declined.
If you have added another person to your credit card as an authorized user, you must pay the debt. However, adding an authorized user also comes with risks. If you fail to pay the bill, the cardholder is still responsible for the debt, not the authorized user. This also applies to the spouse or partner of a cardholder. When you fail to make your payments on time, your credit score will suffer. This can make your relationship with your authorized user more difficult.