Why Is It So Important That You Make All of Your

question 79

Multiple Choice

Why is it so important that you make all of your credit and loan payments on time?

• A) Late payment history lasts 7 years on your credit file.
• B) The lender will be annoyed and not extend additional credit to you.
• C) Late payment history lasts 10 years on your credit file.
• D) Paying your credit cards and loans late can lead to bankruptcy.

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Definitions:

New Product

refers to a good or service recently developed or introduced to the market that fulfills a newly identified or existing customer need.

Rent Control

Government-imposed limits on the amount landlords can charge for renting out their property, often to make housing more affordable.

Tying

A sales strategy where the sale of one product (the tying product) is linked to the purchase of a second distinct product (the tied product).

High Demand

A situation in which the desire for a product or service significantly outweighs the supply available in the market.