I don't really think you can denounce the use of the word renege without looking at the lyrics of the whole song:

Don't Renege On Our Love (Richard Thompson)

and more importantly listening to the music with the words.

(Sorry, I can't find a source for the track (from Shoot Out The Lights) on the net. Can anyone else?)

This is NOT some gentle love song, it is a song of marital break up!