An embarrassing encounter resulting from a credit/ATM card not working due to exceeding credit limit or overusage.
I wanted to take my girl RB to dinner at the Sizzlers, but couldn't because I didn't have any cash and was afraid that my credit card would be a swipeout.
by Robertino C. March 30, 2006
When you've maxed out all your credit cards.
"I can't buy that dress. I've hit a swipeout."
by Craig Steele February 07, 2004