Credit cards are extremely convenient and can be a great money management tool, but unfortunately they can also allow consumers to get into huge amounts of debt very easily. Defaulting on credit cards is common, but it is definitely not without consequences. A credit card that is in default will be closed, and no further charges will be allowed on the account. However, interest and late fees may continue to accrue. The credit card company will contact you repeatedly seeking payment and will likely threaten to send the account to collections. Once the card goes to collections, interest and fees typically no longer accrue, but the collection agency will attempt to collect on the debt by any means possible.