All terms starting with "L":
Late Payment Fee:
Fee assessed when your credit card or loan payment is past due. Late payments may also result in an increase of your Annual Percentage Rate to the Default APR.
Liability:
The responsibility for charges to an account. Generally, a debtor agrees to be liable for all charges and transactions for that account. If the debtor shares an credit card with another person, the primary card holder is responsible for paying the bill. Joint card holders may both be responsible for paying the entire balance.
Limited Credit History:
The terms "limited credit" and "no credit" are typically used synonymously to describe anyone who has not been the primary account holder on a credit card or loan for three years.
Line of Credit:
The amount of money offered to you by a creditor; also called a "credit line".
Live Customer Service Fee:
Some prepaid cards will charge you a fee everytime that you call their 1-800 customer support number and talk to a person.
In most cases they do not charge a fee if you call their 1-800 customer support number and just use their automated phone service.
