Credit Card Glossary: Terms and Definitions
To default is to fail to make a payment on a debt by the due date. If this happens with a credit card, creditors might raise interest rates to the default (or penalty rate) or decrease the line of credit. In case of serious delinquency, the card issuer can even take legal action to enforce payment or to garnish wages.
Terms from A-Z
Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.