- When two or more people are responsible for repaying a single debt.
contractual obligation, shared debt
Related Terms and Acronyms
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Joint Credit — Definition,
- Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
- Liability — Definition,
- A situation where one party is found to be legally responsible for something.
- Liability Insurance — Definition,
- Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.