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A default happens when you have skipped one or several payments in a row on a loan or credit card. Since defaulting can cause your credit (and overall financial health) to quickly plummet, you ...

At the center of this crisis is the Social Security number, still the primary credential used to apply for credit.

Default, on the other hand, carries a more serious consequence. It comes after a period of sustained nonpayment, typically 90 to 180 days, depending on the lender’s policy,” Malloy explained.

Technically, a borrower is considered in default when they fail to make a loan payment for at least 270 days. Even more borrowers are delinquent on their payments and may be headed toward default.

A credit card default occurs when a cardholder fails to pay their debt for an extended period, typically 180 days, says Mark Stewart, Certified Public Accountant for Step By Step Business.

Investors, executives and economists are preparing contingency plans as they consider the turmoil that would result from a default in the $24 trillion U.S. Treasury market.

A default may earn the U.S. a black eye in terms of its reputation, that thinking goes, but it could be the kick in the duff that the U.S. government needs to actually get spending under control.