What should eric do to be a responsible borrower? what should he do if he is unable to make his loan payments? what are some downsides of late payments?

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04-08-2022
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What should eric do to be a responsible borrower? what should he do if he is unable to make his loan payments? what are some downsides of late payments?

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Tutorconsortium357 Tutorconsortium357 · Answer 1 · 2022-08-10T22:42:45+02:00

To be a responsible borrower Eric should pay his monthly payments on time. If he is unable to make this payment then he would have to make the payment late.

What is a responsible borrower?

Being a responsible borrower is highly aligned with budgeting. Your student loan payments should be no more than 10% of your future net monthly income.

It is important to not borrow more than you need for your school-related expenses and to keep track of how much you are borrowing cumulatively.

How can I borrow money responsibly?

To borrow responsibly means the following:

Borrow only what you can repay. ...
Pay debts on time.
Tell your creditor if you cannot pay and make a new arrangement with your creditor.
Report lost or stolen credit cards immediately.

Learn more about borrowers here:

What should eric do to be a responsible borrower? what should he do if he is unable to make his loan payments? what are some downsides of late payments?

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What is a responsible borrower?

How can I borrow money responsibly?

To borrow responsibly means the following:

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