Question

Which is a long-term consequence of making late payments on your bills?
It will be harder to secure a new loan at a low rate.
The balance in your checking account will be negative.
There will be a late fee.
The number of payments will increase.

Answer 1

It will be harder to secure a new loan at a low rate.

Late payments damage your credit history and lower your credit score, which makes lenders view you as higher risk and typically leads to higher interest rates or difficulty qualifying for new loans.