What Does It Mean to Default on a Loan?

When you take out a loan, you guarantee that you will repay it. However, something unexpected occurs one day, and you fear you may be late on a payment or two.

That may be an excellent example of how to default on a debt. Furthermore, even if you are a responsible borrower who follows all loan criteria, you may still be unable to prevent default.

Last year's events shown that no one is immune to emergencies or unforeseen disasters. Furthermore, job losses or missed earnings might exacerbate the problem.