Browsing Debt Glossary by P

"P" sorted summary definitions of frequently used finance and economic phrases you may face while managing personal finances or browsing this directory, with lengthened descriptions by means of a term link click.

  • Pass-through Rate – For securitized asset pools the pass-through rate is the interest rate less management costs…
  • Payables (i.e. Current Liabilities or Current Debt) – Payables is the aggregated amount of all items on a company’s…
  • Pay-as-you-go – The phrase "pay-as-you-go" indicates a payment methodology wherein debts are paid off as they…
  • Payday Loan (Paycheck Loan, Paycheck Advance, Payday Advance) – A payday loan is a small, short-term loan that…
  • Paydown – A paydown is any payment made on an outstanding loan balance that reduces the principal. For…
  • Payee – In any exchange of funds the payee is the individual who receives payment. Although the Bible teaches it’s…
  • Payer – In any exchange of funds the payer is the individual who makes payment. Although the Bible teaches it’s…
  • Payment – A payment is the transfer of funds in exchange for an asset, usually in accordance with agreed-upon…
  • Payment Due Date – The date on which a payment is due is referred to as the payment due date. Most accounts will…
  • Payment Holiday – Some lenders offer an account feature popularly advertised as a "payment holiday". For example…
  • Payoff – The payoff amount is the remaining amount of a loan including any prepayment penalty. For example, you…
  • Penalties – In finances, a penalty is any form of negative occurrence and is usually assessed in the form of a…
  • Pension Fund – A pension fund is a pool of assets formed by contributions to a pension plan and invested in…
  • Pension Plan – A pension plan, or simply pension, is a generic term indicating a type of arrangement entered into…
  • Per Capita Income – Per capita income is usually reported for some demographic region, commonly for an entire…
  • Per Diem Interest – Per diem interest, usually used in conjunction with a mortgage loan, is interest that is calculated…
  • Periodic Interest Rate – A periodic interest rate is some fractional amount of an annual interest rate. The periodic…
  • Personal Finance – Personal finance is the process of making monetary decisions for an individual or a family unit…
  • Personal Income – Personal income is an individual’s income from all sources except monies paid at taxes. Typical…
  • Personal Loan (i.e. Unsecured Loan or Signature Loan) – A personal loan is an unsecured loan issued solely…
  • Personal Property – Personal property is a legal term describing certain forms of property, usually distinguished…
  • Personal use Property – Personal use property is a classification of personal property indicating the owner does…
  • Piggyback Mortgage – A piggyback mortgage is a second mortgage that is taken at the same time as a property’s…
  • Personal Identification Number (PIN) – A personal identification number is a type of password or pass code used…
  • Pledged Asset – An asset that has been used to secure a loan and that has been delivered to the lender for…
  • Points – The word "points" has several possible meanings within personal finances, including…
  • Portfolio – A portfolio is simply the aggregated stocks, bonds, and other investments held by an investor and usually…
  • Postal Money Order – A postal money order is simply a money order that has been issued by the United States Post…
  • Postdated Check – Any check which is written for a future date is known as a postdated check. For example, if you…
  • Posting Date – The posting date is the date upon which a transaction is actually recorded. For example, you might…
  • Power of Attorney (i.e. POA or Letter of Attorney) – Power of attorney is the legal authorization for an individual to act…
  • Pre-approval – Pre-approval has two broad meanings within the personal finance realm…
  • Predatory Lending – Predatory lending is a rather vaguely defined term used to indicate any of a variety of practices…
  • Premium – In insurance, the premium is the amount to be charged for a specified amount of insurance coverage…
  • Prepackaged Bankruptcy – If a business is declaring bankruptcy is can contact all of its creditors and perhaps…
  • Prepaid – A prepaid account is one that has been paid before charges have accrued. For example, you might be…
  • Prepaid Credit Card – A prepaid credit card is a credit card with a positive balance established by prepaying the…
  • Prepayment Penalty – A prepayment penalty is a fee, or penalty, that is assessed if a loan is paid off before its full…
  • Pre-qualification – Pre-qualification is used by many borrowers-usually credit card companies-to scan tens of…
  • Prequalify – A potential borrower is said to prequalify for a loan of a certain amount if the loan has been approved…
  • Primary Lender – A mortgage lender who makes initial mortgage loans is referred to as a primary lender. When…
  • Primary Mortgage Market – The primary mortgage market is the aggregated mortgage market where borrowers…
  • Prime Rate – The prime rate is a putatively national interest rate charged for standard mortgages and other loans…
  • Principal – Principal has many uses, but in personal finances it typically refers to the amount of debt which is owed…
  • Principal Balance – For any loan, including mortgages, the principal balance is the amount due to satisfy the loan…
  • Principal Residence – Your principal residence is the primary location where you live most of the year. In other words…
  • Private Annuity – A private annuity is an agreement between two parties, neither of which can routinely sell annuities…
  • Probability – Probability is the chance that something will happen. Probability is used widely in financial markets to…
  • Procurement – Procurement is a fancy word for buying; a company’s procurement specialist buys things for the…
  • Promissory Note – In accounting, a promissory note is a contract between two parties detailing the obligation of one…
  • Property – Property is a legal term with precise definition varying by jurisdiction. In essence, however, property…
  • Property Tax – Property tax is a tax assessed on property, usually annually, and usually based upon the fair market…
  • Proprietor – A proprietor exercises private ownership over an item of property. For example, if you own an…
  • Prorate – Prorate, or pro rata, means "in proportion to" and is commonly used in finances to mean some amount…
  • Proxy – A proxy is a person legally authorized to act for another party. For example, a shareholder unable to attend an…
  • Punch List – In general, a punch list is a "to do" list of activities. In construction, a punch list is a contractual…
  • Purchase Agreement – A purchase agreement is a legal agreement regarding the purchase of property-usually real…