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Glossary of Terms - G

Grace Period

A period of time in most loan contracts and insurance policies during which default or cancellation will not occur even though payment is due. This term also refers to the number of days (typically 25) between when a credit card bill is sent and when the payment is due without incurring interest charges.

Guarantor

An individual who is responsible for another person's loan or other debt in the event that the principal debtor defaults and cannot meet the debt.

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