New Delhi, May 14 -- Financial hardships resulting from certain circumstances can put an individual in a spot of bother. It can result from job loss, accident, hospitalisation, financial mismanagement, etc. It can lead to the individual defaulting on their debt obligations. A default can ruin the individual's credit report and stay there for a long time. In this article, we will understand what a debt default is, how long it stays on a credit report, its consequences, and how to remove it.

When an individual doesn't pay their debt obligations by the due date, it is known as a debt default. It applies to loan EMIs, credit card outstanding, etc. If the payment is not made, it is reflected in the credit report under "Number of days past due...