failure to pay an obligation when due. Consumer installment loans are normally considered delinquent if two consecutive payments are missed; an open-end credit account, such as a bank credit card, is often treated as a delinquent account if a payment is not received within the allowed 15- to 25-day grace period. Adelinquent loan payment is subject to a late charge penalty and can be noted on the borrower's credit report as a past due payment. Loans with more than two missing payments (60 to 90 days past due) are regarded as seriously delinquent and debt collection efforts are initiated to recover the amount due.
In general:failure to make a payment on an obligation when due.
Finance:amount of past due balances, determined on either a contractualor a recency-of-payment basis.
failure to make a payment on an obligation when due. In finance company parlance, the amount of past due balances, determined either on a contractual or recency-of-payment basis.
