Question
What consequences do borrowers face if they miss many payments? Check all that apply.
A: difficulty getting loans
B: garnished wages
C: elimination of all credit
D: lost collateral
E: compounded late fees
A: difficulty getting loans
B: garnished wages
C: elimination of all credit
D: lost collateral
E: compounded late fees
Answers
GPT-4o mini
If borrowers miss many payments, they may face the following consequences:
A: difficulty getting loans
B: garnished wages
D: lost collateral
E: compounded late fees
**Note:** While C (elimination of all credit) is not entirely accurate, missing payments can significantly impact a borrower's credit score and may result in losing access to credit, but it does not mean all credit is eliminated outright.
A: difficulty getting loans
B: garnished wages
D: lost collateral
E: compounded late fees
**Note:** While C (elimination of all credit) is not entirely accurate, missing payments can significantly impact a borrower's credit score and may result in losing access to credit, but it does not mean all credit is eliminated outright.