The answer is defaulting. Milady states this directly: not paying back your loans is called defaulting, and it can have serious consequences for your personal and professional credit.
The book warns that legal action can be taken against a borrower who fails to repay a loan, framing defaulting as a genuinely serious financial and professional risk — not a casual term. Forgiving, charging, and borrowing describe other parts of the lending relationship, but none of them means failing to repay.
Milady Standard Barbering, 6th ed., Ch. 20 (Working Behind the Chair), p. 743: "Not paying back your loans is called defaulting, and it can have serious consequences regarding your personal and professional credit."
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