Your account will wind up being given to a collection agency, which will hound you until every penny is paid. You can pay them small amounts each month, until it is paid off. Just explain in writing to them once you get the first bill, that you can only pay a small amount each month, due to your financial circumstances.

I agree completely with bdancer2, but also remember that they can snag your Federal and State tax refunds, as well. There is no way you can get out of this situation because the creditor WILL get it’s money somehow — it doesn’t matter how long it takes, either. I know from personal experience. I had a car repo’d many years ago and I paid on it (through garnishments, etc.) for over 6 years!!!!

They will sue you, win a judgment, then attach your bank account, garnish your wages, and lien your property. They will, of course, add all the legal fees to the balance.