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TeachMeFinance.com - explain grace period grace period -- Time allowed a debtor in which legal action will not be undertaken by the creditor when payment is late. another definition... grace period -- a specified period after the regular due date of a loan payment during which no late charge or other penalty is assessed on tardy payments. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.