Being in default is when you don’t do something you legally agreed to do. For example, defaulting on a loan means that you didn’t pay back some or all of the money that you owed in the time you were supposed to pay it.
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Being in default is when you don’t do something you legally agreed to do. For example, defaulting on a loan means that you didn’t pay back some or all of the money that you owed in the time you were supposed to pay it.