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Credit and Loans

Question 11 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

A major consequence of bankruptcy is that it can an individual’s chances of receiving additional credit for .

Answer
A
a few months
B
up to five years
C
seven to ten years

Explanation

Bankruptcy can remain on a person’s credit history for several years, making lenders less willing to approve additional credit. The relevant period is seven to ten years, so the correct choice is “seven to ten years.”

AI-written and checked against the verified answer.