insert_link Opinion Pieces Understanding Financial Default By Bank Windhoek’s Credit Executive Officer, Eddie King. Financial default occurs when an individual or small business fails to meet the agreed-upon payments on a debt, meaning they fail to service their instalments on the approved loan or facility, such as a home loan, personal loan, overdraft facility, or credit card. Defaulting on payments can have significant consequences, affecting one's credit rating (credibility with a financial institution) and access to future credit. Firstly, default typically starts when payments […] today21 November, 2024
