Key takeaways Defaulting on a loan means that you've violated the promissory note or cardholder agreement with the lender to make payments on time.
Rebecca Betterton is a freelance journalist who writes for various publications including AOL, Inc., Bankrate, and Yahoo Finance. Her articles cover a range of topics including personal finance, automotive, and consumer advice. With her extensive experience, she provides valuable insights and information to help readers make informed decisions.