What is default?
The Bankrate.com financial term of the day is: "Default."
Default is never a good thing. If you're in default, it can mean you've broken the financial promises you made when you took out a loan or signed a lease. Or, a default is a black mark on your credit report showing that you haven't paid a debt you owed. That's pretty serious and can make it difficult for you to get new credit.
Default is what you find yourself in when you blow it as a borrower. Or, it's the word for a very negative item that appears on your credit report when you don't make good on a debt.
To learn more about your credit reports, visit the debt management section at Bankrate.com.
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A little research could save you BIG on interest.