Everyone? Banks would be in trouble. But, because most people don’t get paid in cash, they could band together. If every bank suffers from this problem, it’d be advantageous to join a system where banks automatically exchange outstanding debts between each other so that none of them get hit. The bank still gets paid.

If that doesn’t work, your credit card would become completely useless, because if nobody is planning on paying their debts anymore, nobody is giving you the $5 loan to get a coffee. If your card doesn’t get blocked outright, it’ll get a reduced spending limit.

The banks that don’t get hit too badly would probably switch to a debit card only system (because there is no risk of unpaid debt when your customers can only pay with money in their account), and credit cards would be reserved only for the super wealthy who have the assets and expenditure to make it worth it to start lawsuits against them.

Whoever set up this collective non-payment system would probably be arrested for some kind of financial crime.