Blogger John Schmoll’s father left a financial mess when he died: a house that was worth far less than the mortgage, credit card bills in excess of $20,000_and debt collector s who insisted the son
Hitting the maximum speed limit for the first time while driving? Exhilarating, but fleeting. Maxing out your Roth IRA? Less exhilarating, but much more rewarding.
The phrase “death cleaning” may sound jarring to unaccustomed ears, but the concept makes sense. It’s about getting rid of excess rather than leaving a mess for your heirs to sort out.
A “safer” payday loan sounds like an oxymoron. Critics have branded these notoriously high-cost loans as debt traps that cause borrowers to go ever deeper in the hole.
Financial advisers don’t always agree, but when it comes to lending money to family, there’s consensus: Tread carefully.