When an alcoholic or drug addict decides to spend his/her entire paycheck on his/her vice of choice and then go on a bender. This person parties or isolates until all the booze or drugs are done only to wake up and realize that the rent, bills, food budget, and utilities weren't paid and then faced with an eviction notice, search warren, or an ambulance ride to the hospital . Even worse they are killed by their binging or by outside circumstances.
This term comes from Green Day's song "Deadbeat Holiday" in their "Warning" album released in 2000.
"Hey man, what happened to Billy? I haven't seen him in over a week."
"Yeah, that piece of trash is taking a deadbeat holiday... I hope he makes it out of this one alive."
"Wake up, the house is on fire
and the cat's caught in the dryer
philosophy's a liar
when your home is your headstone"