The only advantage you have is that there is no wage garnishment for debts like that in Texas.
Defaulting on a debt will result in getting sent to collections or getting sued, either of which will drop your credit score by about 150 points.
A judgment against you will allow the creditor to levy your bank account, and attach non-exempt personal property.
Lenders will charge you higher interest rates. Many won't lend at all.
Insurance companies also use credit reports for underwriting purposes so your insurance rates are likely to go up.
Potential employers looking for responsible people often use credit report to weed out the irresponsible job seekers.

