A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related Brickyard terms
- DelinquencyThe status of an account when payments are past due, which worsens the longer the debt goes unpaid.
- Charge-OffWhen a lender writes off a debt as unlikely to be repaid, usually after months of missed payments, while you still owe it.
- CollectionsThe process of a creditor or a hired agency pursuing an unpaid debt, which appears as a negative mark on your credit report.
- RepossessionWhen a lender takes back collateral, such as a car, after you default on a secured loan tied to that property.
- Deficiency BalanceThe amount you still owe after collateral is repossessed and sold for less than your remaining loan balance.
Turn this into a brick
Knowing what Default means is knowledge — the first half. A brick gets placed when you act on it.
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Plain-English education — not personalized legal, tax, or investment advice.