D&Cs

Do you share your D&Cs?

Calm down Steph, I am not talking about medical procedures since that is your area of expertise.

I am talking about these:

Debit & Credit Cards

Magpie wrote an interesting and amusing post on reasons for the banking crisis.  Among the comments Ramana left a link to a very thought provoking article from The New York Times about unpaid debts of the deceased.  It is well worth a read.

Now I wonder….

Would you pay up for fear of dear great aunt Matilda haunting you if you didn’t?

Anyone know what the up to date probate laws are in Ireland?

16 thoughts on “D&Cs

  1. Nick

    Jenny and I have joint accounts for everything and trust each other completely. We always pay off our credit card every month so we don’t have any debts. When I first met Jenny though she had a credit card debt of £6000 (now worth about 4 times that) which I helped her to pay off. Fortunately my mother has no debts either.

    Reply
  2. elly parker

    You can’t count mortgages, can you? Hubbie and I have been working hard to pay everything off – since in 2007 we paid for the majority of the wedding and all of the honeymoon ourselves and bought a car and then moved into our first home in 2009, it was only natural that we’d end up with some debt after. But it’s nearly all cleared now!

    And before anyone comments on going into debt for a wedding, we had one of the most cost-effective weddings out of all our friends! Loads of the family pitched in and helped and provided all the skills they could for free!

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  3. Lottie

    @Nick – So envious. I would love to have no CC debt.

    We have a joint savings account which I closed a few days ago and transferred the money to prize bonds. I am very excited about all the prizes I will surely win.

    We used to have a shared “household” credit card but I was the only one who ever used it. can shoes be counted as a household expense?

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  4. steph

    Phew! I was worried you were gonna go all gynaecological on me!

    My view on all of this is that you shouldn’t hold a joint account with someone you don’t trust. Get it sorted fast!

    As for paying the debts of deceased relatives, I’d let the debt collectors wait their turn to claim from the estate. My only responsibility is to ensure that debts are settled once the paperwork is in place. And anyway, I reckon dear ‘great aunt Matilda’ would enjoy keeping them waiting!

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  5. Grannymar Post author

    @Nick – You are very fortunate. Living debt free and within your means is not something every couple achieve.

    @Elly – You are doing very well. Having friends & relations contribute their talents made for a very enjoyable, inclusive Wedding Day.

    @Shoes? Are they made of Chocolate?

    @Steph – I might suggest that debt collectors write directly to dear old Matilda!

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  6. Annb

    As if debts weren’t bad enough, we should also beware of bequests! If your great Aunt Matilda left you her house in Dalkey last year, the act of probate was granted based on the value of the house at that time. As the beneficiary, your inheritance tax bill is calculated on a percentage of that value. That bill is payable immediately, as interest on the amount due, accrues from the date of issue. Poor Aunt Matilda’s house is now worth significantly less this year and you’d be very hard pushed to find a buyer. Therefore you are left with an asset you can’t sell and a bill you can’t pay!

    So in the interest of the next generation, I intend to have a bloody good time with whatever meager amounts I accumulate in this life!

    Champagne anyone?…..

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  7. Lottie

    @Annb – It’s a load of bollox really isn’t it? My mum inherited her uncle’s house last year and it just wasn’t worth the hassle.

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  8. kenju

    I stopped using credit cards a few years ago. The possibility of debt is too great, especially when you use them to buy over the web.

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  9. Grannymar Post author

    Annb & Lottie,

    Jack often said ‘Dead money brings no luck!’ In todays world he is certainly being proved right.

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  10. Grannymar Post author

    Judy,

    You slipped in as I was typing. The problem with credit cards is that you don’t actually see the cash going out, and with online purchases there are no receipts.

    Reply
  11. wisewebwoman

    GM:
    My philosophy is:
    My shroud will have no pockets.
    I try and stay clear of fresh debt but have some from the company I had prior to this semi-retirement of mine, whatever that is. I’m slowly paying that down but have debated taking savings and slashing it all to zero. I’m reluctant to do so and I’m not sure why.
    XO
    WWW

    Reply
  12. Nancy

    Grannymar,

    My husband,Roy and I have a joint VISA card.

    Last month my wallet was stolen and the person who stole it began using my VISA card.

    Someone asked Roy what VISA told him to do about the stolen card.

    Said Roy,” Oh, I didn’t report it stolen.”

    “Why?” Because the thief was spending less than Nancy was…….”

    Reply
  13. Grannymar Post author

    @WWW – ‘A shroud has no pockets’, I have not heard that phrase for years. You sound like you are on the right track, stick with it.

    @Nancy – You are a card! What are you using for money this week?

    Reply
  14. Baino

    There are no death taxes here and if I die in debt, it’s paid out of the estate and if there’s no estate, I’m declared ‘insolvent’ . It’s almost worth transferring the house to the kids. . credit collectors will try to get my rellies to pay up but they’re under no obligation to do so. I have MASSIVE credit card debt that I’m madly trying to pay off right now. Lesson learned I think. It’s a tough one tho!

    Reply
  15. Grannymar Post author

    @Baino – Credit cards debts creep up like a cancer and are difficult to clear.

    @Magpie – We’ll say nothing!

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