What does Joint Credit mean?

Joint credit is that sort of arrangement in which there are two individuals responsible for the repayment of the same credit line. It is mostly usual that a married couple will contract a joint credit, with the purpose of buying their first home for example, or with the purpose of starting a business or any other major purchase which requires a greater capital investment.

It is a risky type of financial arrangement, because in the case of a divorce it is hard to make a fair share of responsibilities, and basically one remains “financially tied” to the other up until the credit is paid back in full. Do not confuse joint credit with the situation when you have linked to your account another individual who is authorized to use the account; in this you are the sole responsible party.