Tim has an auto loan and credit card debt. He decided to consolidate all his debt with a home equity loan. But he lost his job shortly after and defaulted on the loan. Which of these most likely will happen to Tim? Tim un-consolidates his loans and goes back to his old debts. The lender repossesses Tim's car to pay for his debts. The bank forecloses on his home to pay for the debts. Tim goes to jail for 5-10 years.

Tim has an auto loan and credit card debt. He decided to consolidate all his debt with a home equity loan. But he lost his job shortly after and defaulted on the loan. Which of these most likely will happen to Tim? Tim un-consolidates his loans and goes back to his old debts. The lender repossesses Tim's car to pay for his debts. The bank forecloses on his home to pay for the debts. Tim goes to jail for 5-10 years.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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