These are the biggest misconceptions about inherited debt, according to experts
Many people assume they'll inherit a loved one's debt, but the rules are far more nuanced than you may realize.
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With inflation sitting at 4.2% currently and prices on many goods and services rising, many Americans have been forced to turn to credit cards and other forms of borrowing lately to get by. Case in point: The total U.S. consumer debt climbed to $18.23 trillion in May 2026 — with credit card debt accounting for $1.1 trillion of that total amount. And, the average credit card rate sits at almost 22% currently, creating a vicious cycle that's hard to break free from — even for the most disciplined of borrowers.
Credit card debt isn't the only type of debt you can have, either. There are personal loans, home equity loans, car loans, and, if a loved one dies, potentially even inherited debt, too. That last one is unique, though, and there are many misconceptions about what debt can be inherited and how it must be handled. So, what are the biggest misconceptions related to inherited debt? Experts weigh in below.
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These are the biggest misconceptions about inherited debt, according to experts
Here's what experts say to know about this unique type of debt and what it could mean for your finances.