what consequences do borrowers face if they miss many payments? check all that apply. \n□ difficulty getting…

what consequences do borrowers face if they miss many payments? check all that apply. \n□ difficulty getting loans\n□ garnished wages\n□ elimination of all credit\n□ lost collateral\n□ compounded late fees

what consequences do borrowers face if they miss many payments? check all that apply. \n□ difficulty getting loans\n□ garnished wages\n□ elimination of all credit\n□ lost collateral\n□ compounded late fees

Answer

Brief Explanations:

Missing many loan - payments can severely impact a borrower's creditworthiness. A poor credit history makes it difficult to get future loans. Lenders may take legal action resulting in garnished wages. If the loan is secured, the borrower can lose the collateral. Also, late fees can compound over time. However, elimination of all credit is an extreme and unlikely outcome.

Answer:

  • difficulty getting loans
  • garnished wages
  • lost collateral
  • compounded late fees