[Surial]

You will get many phone calls. And your credit report may go down. If you unplug the phone, that will help ease the anxiety. They will close your accounts and may add interest where your balance may get larger. However, there is nothing they can really do accept threaten you with letters and phone calls.

I would be interested to see if these credit card companies collapse, then it wouldn't matter anyway.

You will not lose the house if you keep up the payments. And it can take up to a year for your house to go into foreclosure with the bank that handles your loan if you stop making the payments on your house.

I know many people that are in the same situation. Good luck on finding a solution.