Liability in credit refers to the responsibility for a loan or credit account repayment.  Credit card liability is the legal responsibility to repay the credit card debt and make timely credit card payments.  When a credit card application is filled out, the new credit card account states that the account holder agrees to be liable for any charges to his or her account, including purchases, fees and credit card interest charges and finance charges.  The bank credit card liability is described in the credit card agreement.

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