• Quitting your credit card payments will hurt your credit score, but usually that's the end of the consequences.credit card and hand image by Warren Millar from Fotolia.com
  
  Credit card debt is one of the safest forms of debt to default on. This is because it is unsecured. In most cases, it's extraordinarily difficult for credit card companies to successfully collect on debts. If the amount defaulted on is substantial and the individual has major assets or income that the credit card company can seize, the company may collect at least part of the debt once it receives a judgment in its favor. Otherwise, the main consequence of default is major damage to the defaulter's credit rating.
  
  

Potential Judgment

• The worst possible consequence of credit card default could be a conviction for credit card fraud. This very rarely happens, as the card company must be able to prove that you took out the debt with the intention of not paying it or of deceiving the company. In most cases, the next worst possibility is for the company to win a judgment against you to pay back all or part of the debt owed. Usually, as long as you show up for all court dates, you can avoid this eventuality. If the debt owed is more than $5,000, you can expect the company to pursue you for payment, especially if you have sufficient assets or income to support payments.
  
  

Credit Rating Damage

• Defaulting on a credit card has severe consequences for your credit rating. It may lead banks and other lenders to raise your interest rates. You may be turned down for future loans as long as the default remains on your credit report. The default will remain on your credit report for seven years, after which it's removed, according to the Fair Credit Reporting Act.
  
  

Collection Attempts

• Once you default on a credit card, the company will usually sell it to a collections agency. That agency will repeatedly contact you by telephone or mail and try to get you to pay the debt. The company may even sue to try to collect on it. This process can go on for years until either the agency gives up, sells the debt to someone else or settles with you.