Period of time that elapses between a payment and another.

A giving beforehand; a furnishing of something before an equivalent is received: «an advance on his next month’s salary permitted him to pay his debt

The part of a contractually due sum that is paid in advance for goods or services, while the balance included in the invoice will only

The date from which interest begins to mature.

Occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or

A sum of money, that is or may be deducted. (source: http://www.wordreference.com/definition/deduction)