👉 "Defrayment," also known as "deferral payment," is a legal concept in the United States that describes how a borrower must pay back their loan or credit card balance over time. This can be done through regular payments, deferred payments, or a combination of both. The term "defrayment" refers to the practice where a borrower makes monthly or bi-weekly payments towards a debt or credit card balance, which is then paid off by the lender on the due date for payment.
