Might be region specific, where I live you can't default or do bankruptcy, it just goes to the National Enforcement Authority that haunts you until you pay for the rest of your life. They don't care about any valuables without clear resell value like a newish car or jewelry or a house.
You also lose your credit status, making you unable to get new loans or phone plans, and often making apartment finding really really difficult
Amazon offers me payment plans on sub-$100 items.
Installment payment offers even for relatively inexpensive items are super-common.
You can get payment plans for fast food these days.
Which makes me wonder, what do they do when people default on payments? Do they have a kill switch they can throw? Or do they send the repo man to repossess it while you're sleeping?