Financial liability is a term used to describe a DEBT or obligation that an individual or business has to pay. It can refer to any type of financial obligation, such as a loan, credit card DEBT, or unpaid bills. Financial liabilities can also include taxes owed to the government or other entities. In some cases, financial liabilities may be secured by assets, such as a mortgage or car loan. Financial liabilities can have a significant impact on an individual or business's financial health, and it is important to manage them responsibly.