The term 'LOSER's Catchword' is a phrase used to describe the three words NONFAT (6 letters), LITE (4 letters), and LOWFAT (6 letters). These words are often used to describe food products that have been modified to contain less fat than their original versions. NONFAT, LITE, and lowfat foods are typically lower in calories and saturated fat than their full-fat counterparts, making them a healthier alternative for those looking to reduce their fat intake.