Usually means: Failure to fulfill a financial obligation.
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We found 8 dictionaries that define the word default on:

General (6 matching dictionaries)
  1. default on: Vocabulary.com
  2. default on: Dictionary.com
  3. default on: Rhymezone
  4. default on: FreeDictionary.org
  5. default on: Mnemonic Dictionary
  6. default on: TheFreeDictionary.com

Computing (1 matching dictionary)
  1. default on: Encyclopedia

Miscellaneous (1 matching dictionary)
  1. default on: Idioms

Definitions from WordNet (default on)

verb:  fail to pay up


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