Browsing Debt Glossary by L

"L" phrase and word summarized definition ordering of commonly recognized vocabulary terms that you come across during personal finance supervision or while leafing through this directory, with detailed depictions located by clicking the linked term.

  • Labor Force (i.e. Work Force) – A labor force is the total number of employed and unemployed workers in a given…
  • Late Fees – Late fees are assessed on most debt accounts when a scheduled payment is not made on time or…
  • Lease – A lease is a contractual agreement that allows one person to utilize the property of another person for a…
  • Lease Option (i.e. Lease Purchase or Lease with Option to Purchase) – A lease option, formally a lease with option…
  • Letter of Credit (i.e. LC, L/C, Documentary Credit, DC, or D/C) – A letter of credit is a document issued by a bank or…
  • Letter of Intent (i.e. Memorandum of Understanding, MOU, or Term Sheet) – A letter of intent is a document outlining…
  • Leverage – To leverage an asset is to use it in such a way that the best possible outcome is achieved. In personal…
  • Lien – A lien is a security interest attached to property with the intent of securing the payment of debt should the…
  • Lien Position – Many properties, and particularly real estate, may bear multiple liens. For example, a home might…
  • Liquidate – In finances, to liquidate something is to sell it for cash or convert it into cash. For example, if a deceased…
  • Living Will – A living will is a legal document specifying which, if any, heroic or life-sustaining measures one does or…
  • Loan – A loan is a formal agreement between a lender and a borrower wherein the lender gives the borrower a set…
  • Loan Application Fee (i.e. Origination Fee) – A loan application fee is a charge assessed at the time of the loan…
  • Loans for Debt Consolidation – Loans are often made for the purposes of debt consolidation. In a common…
  • Loan-to-value (LTV) – The loan-to-value ratio is a simply derived and commonly used formula in common use by…
  • Locked-in Interest Rate (i.e. Fixed Rate) – An interest rate is considered to be "locked in" when it is not adjustable…
  • Long-term Capital Gain or Loss – A long-term capital gain, or a long-term capital loss, are considered to be capital…
  • Loophole – The term loophole is used to describe any legal method of accomplishing something that was not…