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Credit Card Glossary - L

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Late charge
A fee imposed on a borrower for not paying on time.
Late payment
A sum a borrower sends to a lender that is received past the date when it was due.
Late Payment Fee
Penalty charged for not paying the monthly payment by the due date or published deadline of payment printed on the billing statement (creditor must receive payment by this date). The fee can be a flat percentage fee or a percentage of the amount of the cash advance.
A borrower's debts and legal obligations.
LIBOR stands for London Interbank Offered Rate. It's the rate of interest at which banks offer to lend money to one another in the wholesale money markets in London. It is a standard financial index used in U.S. capital markets and can be found in the Wall Street Journal. In general, its changes have been smaller than changes in the prime rate. It's an index that is used to set the cost of various variable-rate loans, including credit cards and adjustable-rate mortgages.
Line of credit
A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
The ability to convert assets to cash quickly, without significant losses.