Credit card debt
Credit card debt A credit card debt is a liability towards a lender, derived from exceeded credit card usage. It is also known as credit card default and occurs when a borrower misuses and surpasses his credit card limit. If he pays the amounts due on time each month until the debt is cleared, the debtor’s monetary obligations will not be considered as past-due payments. If he fails to cover the debt terms and to repay the amounts due before a deadline has passed, his liabilities will be marked as defaults due to be paid.