👉 In finance, a "default" refers to an event where a borrower or debtor does not make any payments on their debt obligations. This can occur due to various reasons such as bankruptcy, illness, unemployment, financial hardship, or other unforeseen events that prevent them from making timely payments. Defaults are often considered unusual and may indicate poor financial management or unexpected changes in the borrower's circumstances. In some cases, defaults could result in a loss of property securing the loan, such as a mortgage, and
