A more thorough explanation:

Definition: A defaulter is a person who has failed to fulfill their obligations or duties, especially in regards to paying back money they owe.

Examples:

• John is a defaulter on his student loans, as he has not made a payment in over a year.
• The company was forced to take legal action against the defaulter who failed to pay for services rendered.

These examples illustrate how a defaulter is someone who has not fulfilled their financial obligations. In the first example, John has not made payments on his student loans, which is a form of defaulting. In the second example, the defaulter failed to pay for services rendered, which is a breach of their financial duty.