What does it mean to default on credit card debt?

Answer To default on credit card debt is to fail to comply with a contractual agreement to repay a loan. This occurs when an individual or an entity misses or avoids a payment.Source:Investopedia DefaultB... Read More »

Top Q&A For: What does it mean to default on credit card debt

What does credit card debt mean?

Issues such as job loss or other bills can cause you to miss your credit card payment or stop paying it altogether. If you do not pay your credit card bill, it does not disappear. The debt instead ... Read More »

What does discharge mean on credit card debt?

Discharge in reference to credit card debt is a legal term associated with personal bankruptcy, according to the book "How to File for Chapter 7 Bankruptcy," authored by Stephen Elias, Robin Leonar... Read More »

What does unsecured credit card debt mean?

Credit card issuers who extend unsecured credit lines do not require that any collateral be held in trust in exchange for credit. This means that the lender expects a consumer to pay back all unsec... Read More »

How many people default on credit card debt yearly?

There is about $905.6 billion in outstanding credit card debt, according to data released in July 2009 by the Federal Reserve. Delinquencies longer than 30 days account for 5.5 percent of all credi... Read More »