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Default
Explanation:
Violation of your terms and conditions agreement; failure to pay your loan / credit card as agreed.
Our Thoughts:
Going into default can result in a higher APR (see Default APR), and even the cancellation and demanding of full payment of the outstanding balance on your credit card. Arrange for at least your minimum payment to be paid out of your bank account each month, to protect you in case you forget to pay a bill.