👉 A default is an event in which a borrower fails to make timely payments on a loan or credit card. This means that they are late, not making any payments at all, or having missed payments completely. When a default occurs, the lender can take legal action against the borrower, and if the borrower does not pay back the money they owe, the court will order them to repay the debt. The term "default" is often used in legal contexts to indicate that something has gone wrong with a
