Question

which is a short-term consequence of making a late payment on your bill?
○ it will be harder to buy a house because it affects your credit history.
○ there will be a late fee added to the bill.
○ it will be harder to secure a new loan at a low rate.
○ the bank will charge a fee for having a negative balance.

Explanation:

To determine the short - term consequence of a late bill payment:

1. Analyze Option 1: Difficulty in buying a house due to credit history impact is a long - term consequence as it affects future major financial decisions like mortgage approval.
2. Analyze Option 2: Late fees are typically added immediately or shortly after a late payment, so this is a short - term consequence.
3. Analyze Option 3: Difficulty in securing a new loan at a low rate is a long - term effect related to creditworthiness over time.
4. Analyze Option 4: A negative balance fee is not related to late payments; it's about having a negative account balance, so this is an incorrect option.

Answer:

B. There will be a late fee added to the bill.