Financial liabilities refer to the money that a person or organization owes to another. Debts are one of the most common forms of financial liabilities, and they can include loans, mortgages, credit card balances, and other forms of borrowing. Financial liabilities can also include obligations such as accounts payable, taxes, and other contractual obligations. Financial liabilities can have a significant impact on an individual or organization's financial health, and it is important to manage them responsibly.