Eric Holdsworth for Inheritance Funding

Is an inheritance advance a good way to pay off debt?

According to Experian, one of the three biggest credit reporting companies in the United States, consumers owed over $17 trillion in total debt in the third quarter of 2024. This was a 2.4% increase from the previous year, with some debt types, like credit cards, growing close to double-digit rates. Mortgages have the highest debt amount, valued at over $12 trillion in the same year.

In 2019, the largest inheritances reached over $700,000 , while 90% of people received about $10,000 to $50,000, according to the Federal Reserve. These amounts of money can help significantly if you have multiple debts to pay. However, receiving your inheritance can take some time due to probate. Would it be w

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