Credit Card Glossary: Terms and Definitions
Joint and several liability
This comes into play when there are multiple parties that are held responsible for a debt. Under “joint and several liability,” the creditor can approach any of the responsible parties for the entire amount owed — rather than collect a piece of what’s owed from each individual party. The party that pays the full amount owed can then seek a contribution from the other responsible parties, though the others are not obligated to help.