If borrowers miss many payments, they may face several consequences. These consequences can include:
1. Difficulty getting loans: Missing payments can negatively impact a borrower's credit score, making it harder for them to qualify for future loans.
2. Garnished wages: Lenders may take legal action to collect the unpaid debt, leading to a court-ordered wage garnishment where a portion of the borrower's paycheck is withheld to repay the debt.
3. Compounded late fees: Missing payments can result in accumulating late fees that add to the total amount owed, making it even more challenging to catch up on payments.
It's important for borrowers to communicate with their lenders if they anticipate missing a payment to explore potential options to avoid these consequences.
