defaults

A default is a pre-set option or setting that a system or process automatically uses unless someone chooses otherwise. In financial terms, it often refers to failure to repay a loan or credit, which can lead to penalties or damage to credit scores. Defaults help ensure that processes run smoothly by providing standard choices or actions, but they can be changed if a person or organization actively decides to customize them. Essentially, defaults are the "automatic" choices that act as a baseline, but can be modified according to individual preferences or circumstances.