default
dih-FAULT
/dɪˈfɔːlt/
Failure to fulfill an obligation, especially the failure to make required payments on a financial loan.
Represents a formal contractual breach, triggering legal penalties or severe credit damage.
The story behind the word. From Old French 'defaulte', based on Latin 'fallere' (to fail or deceive). Originally, 'default' meant a failure or deficiency in duty, later specializing in English law as failure to appear in court or meet a debt obligation.
Word relationships
- delinquency: 'Delinquency' means being late on payments, whereas 'default' is the formal legal state after prolonged non-payment.
- repayment: Repayment fulfills a loan agreement, whereas default breaks it.
Commonly confused with
- deferment: 'Deferment' is an officially approved postponement of payment, whereas 'default' is an unauthorized failure to pay.
Word family
- defaulter (noun): A person or entity that defaults on an obligation.
Collocations
- default on a loan
- default rate
- in default
- risk of default
Idioms & expressions
- by default
Example sentences
- "Borrowers who default on their federal student loans face wage garnishment and damaged credit scores." Loan Default
- "The policy aim was to lower national default rates through income-driven repayment plans." Financial Risk
Memory hook
It is your FAULT if you DEFAULT on your student debt. Default is a failure to meet a debt faultlessly.
When not to use
Do not use 'default' for missing a payment by a few hours or requesting an approved deferment.
Fun facts
- In computing, 'default' came to mean the pre-selected option because it is the selection that stands if the user 'fails' to specify another.
Related words
Explore more words
Breach, deficit, defect, liability, dereliction, Foreclosure
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