What consequences do borrowers face if they miss many payments? Check all that apply.

difficulty getting loans

garnished wages

elimination of all credit

lost collateral

compounded late fees

Question

05-01-2018
Social Studies

contestada

What consequences do borrowers face if they miss many payments? Check all that apply.

difficulty getting loans

garnished wages

elimination of all credit

lost collateral

compounded late fees

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saadhussain514 saadhussain514 · Answer 1 · 2018-07-12T00:28:54+02:00

Correct answer choices are:

Difficulty getting loans
Garnished wages
Compounded late fees.

Your investor begins the proceedings method. Some lenders begin the method once one uncomprehensible payment whereas others can provide you with three months. In either case, the late payment is enclosed in your credit report and can have an effect on your credit score. Next month, you'll need to pay 2 mortgage payments and the late fee.

qop qop · Answer 2 · 2020-04-08T22:17:31+02:00

Answer:

[A, B, D] Difficulty getting loans, garnished wages, and lost collateral.

Explanation:

There are three consequences that borrowers face if they were to miss payments.

The first is difficulty getting loans. This is due to a bad credit score. You can get a bad credit score by not paying your credit card fees on a monthly basis.

The second is garnished wages. This occurs when a portion of your income is set aside and unable for your own use.

The third is lost collateral. You can lose collateral if you fail to repay what you borrowed.

What consequences do borrowers face if they miss many payments? Check all that apply. difficulty getting loans garnished wages elimination of all credit lost collateral compounded late fees

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Otras preguntas

What consequences do borrowers face if they miss many payments? Check all that apply.

difficulty getting loans

garnished wages

elimination of all credit

lost collateral

compounded late fees