What does liability mean?

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@WalletHub • 07/10/20 This answer was first published on 07/10/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The responsibility for charges to an account. Generally, a debtor agrees to be liable for all charges and transactions for that account. If the debtor shares an credit card with another person, the primary card holder is responsible for paying the bill. Joint card holders may both be responsible for paying the entire balance.

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Liability is described in your card's Terms and Conditions / Card Holder Agreement: read it carefully.

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