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which is a short-term consequence of making a late payment on your bill…

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:

Brief Explanations
  • Option 1: Affecting credit history for buying a house is a long - term consequence as it impacts future major financial decisions like home buying.
  • Option 2: When a bill payment is late, most service providers or creditors add a late fee to the bill immediately. This is a short - term consequence as it happens right after the late payment.
  • Option 3: Difficulty in securing a new loan at a low rate is a long - term consequence related to the impact on creditworthiness over time.
  • Option 4: A negative balance fee is not related to late payment; it is about having a negative balance in an account, so this option is incorrect.

Answer:

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