What is a Default?
A Default is a failure to back a debt. Whenever you stop making scheduled payments or violate the terms of the loans, creditors consider you to be in default of that debt. Defaults usually only mean that you have not paid back what you owe on the debt. Defaults can be quickly remedied by paying your creditors. However, if you have too much debt to handle properly, then consider talking to a bankruptcy attorney about what your options are. Even if you default on a debt, you are still responsible for the debt unless you eliminate it through federal bankruptcy or some other means.