Unsecured loans to young college student

by Debra
(San Fernando Valley, CA, USA)

I previously submitted a question which was posted but when clicked, the link seems to be not working. I was very much looking forward to your answer. I would like to ask again for help.

Personally, my credit is great and I have always had to prove so to get a car loan, etc. So... I can't figure out why companies would lend without first making sure someone has means to pay it back - exemplified by my son thinking when he turned 18 he could handle credit card debt without a steady job while going to college and now due to the large amount owed is unable to pay.

My question to you is "What can he expect if he gives up trying to pay these multiple debts and walks away from the enormous amount he has incurred? I assume they will try to collect themselves then turn it over to an collection agency. But, he has no car or other such assets. I have advised him against this but he sees it as his only option. He lives in California.