Definition

The failure to meet financial or contractual obligations on time, or the pre-configured settings in software that nobody bothers to change—both equally problematic in their own ways.

Example Usage

The borrower went into default after missing three consecutive mortgage payments.

Source: Merriam-Webster via Free Dictionary API

Related Terms

Beginner

advances

Money given before it's technically due, whether as a loan, a payment against future earnings, or corporate optimism in physical form. It's the financial equivalent of borrowing from tomorrow, often appearing in employee expense scenarios or publishing deals. Not to be confused with romantic advances, though both can lead to awkward HR conversations.

💰 Finance / Accounting
Advanced

Junk Bond

A bond from a company with a credit rating so low it's essentially an IOU written on a napkin. They offer higher interest rates to compensate for the very real possibility that the company might not exist next year. Wall Street rebranded them as "high-yield bonds" because junk sounded too honest.

💰 Finance / Accounting
Intermediate

underlie

To form the fundamental basis or foundation of something—the hidden mechanism that explains why things work the way they do.

💰 Finance / Accounting
Beginner

revenues

The money flowing into a company's or government's coffers from all possible sources—taxation, sales, investments, or whatever creative accounting method they're employing this quarter. The number that makes CFOs smile or weep.

💰 Finance / Accounting
Intermediate

taxation

The art of transferring wealth from citizens to government coffers through a bewildering array of forms, deductions, and loopholes that require advanced degrees to navigate. It's the reason April 15th is the most dreaded day on the calendar and accountants drive nice cars. Somehow, despite everyone paying, roads still have potholes.

💰 Finance / Accounting
Beginner

taxes

Money extracted by the government in exchange for services you'll never see itemized on a receipt. Unlike paying for a latte, you don't get to choose the size, flavor, or whether you want it at all. The financial relationship status between you and your government: it's complicated, and it's definitely not negotiable.

💰 Finance / Accounting

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ittif

I think that is fine...