Source : Webster's Revised Unabridged Dictionary (1913)

Profligacy \Prof"li*ga*cy\, n. [See {Profligate}, a.]
   The quality of state of being profligate; a profligate or
   very vicious course of life; a state of being abandoned in
   moral principle and in vice; dissoluteness.

Source : WordNet®

profligacy
     n 1: the trait of spending extravagantly [syn: {extravagance}, {prodigality}]
     2: dissolute indulgence in sensual pleasure [syn: {dissipation},
         {dissolution}, {licentiousness}]