What consequences do borrowers face if they miss many payments check all that apply

1. difficulty getting loans

2. garnished wages

3. elimination of all credit

4. lost collateral

5. compounded late fees

im pretty sure that the answer is 4 and 5

1. difficulty getting loans

2. garnished wages

4. lost collateral

Explanation:

Hiring a loan requires acting with caution, both for hiring and for the next one. Even following all the recommendations, you may be caught off guard and end up delaying the payment of installments. What happens in these cases? Some drawbacks may arise:

It gets harder to get another loan

The chances of getting a loan decrease when your name becomes negative. For most financial institutions, this type of customer is not even considered for a credit offer. Other companies act specifically on the supply of credit for those with dirty name, but charge stratospheric interest rates and that will hardly help solve your financial life - they probably only make you curl up even more.

Debt can be priceless

Delaying a loan can create a debt that is very expensive to pay - and even impossible. This is because interest on arrears begins to cascade over the interest on the loan itself and, in a short time, increase the arrears to very high figures.

Collection companies in tow

It is common for financial institutions to outsource billing to offices that specialize in dealing with delinquent clients. Despite the hassle of receiving calls, it can be an alternative to asking for a debt relief and clearing the name. The chances of getting a debt relief are good.

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