Question

What will happen if everyone keeps buying expensive items on credit without actually having the cash to pay for them?

Answer 1

You have to pay your credit card bills. After you miss one payment on a credit card your will have to pay a late fee. If you miss two payments on a credit card you will have a higher interest rate, and have a late payment fee. Your credit card score will also go down if you miss your payment.

For a better explanation these two websites can help:

http://blog.credit.com/2014/12/what-happens-when-you-miss-a-credit-card-payment-103474/

http://blog.readyforzero.com/what-happens-if-i-dont-pay-my-credit-cards/

(Also shouldn't this be in Fiance?)