what is an example of a default 
a default is a missed payment or multiple missed payments on money that you ve borrowed an example of a default would be not paying your credit card bill or your monthly mortgage payment the bottom linedefault is the failure to make required interest or principal repayments on debt individuals businesses and countries can default on debt obligations failure to meet payments on a mortgage student loan or personal loan will affect an individual s credit rating their ability to secure future loans and could result in the seizure of property or wages corporations can default by failing to meet coupon payments on bonds sovereign default occurs when a country doesn t repay its debts 