Failure to repay a loan or otherwise meet the terms of your credit agreement. A loan that is one day late is technically “in default”.
You are in default on the account if:
- You do not make any payment when it is due; or
- You have exceeded one or more of your credit limits; or
- A payment you make is rejected or cannot be processed; or
- You provide us false, misleading, or fraudulent information; or
- You fail to comply with any term of the contract; or
- You are bankrupt or insolvency proceedings are filed against you; or
- You die or are legally declared incompetent or incapacitated; or
- We become aware that you are using your card for illegal or fraudulent purposes.
If governing law requires us to, we will give you notice and/or a right to cure your default before taking any action because of your default.
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