I don't know how it is in the US. However in Germany, this is a great way to get charged interest on your debt and hefty legal fees. It is also one of the ways to guarantee that you're not getting a new bank account, place to rent or any kind of credit for a while.
The debt is between you and the company offering the subscription, it doesn't matter what type of an account you use. You entered a contractual agreement by signing up and then you didn't pay - or cancel. It's a quirk of the digital world that most companies don't pursue these claims against us in most places. In theory they could tally up your non-payments for the next 2 years and then send it to collections.
I'm not saying this because I agree with it, but because you should still be careful with what you sign up for. Simply declining to pay doesn't legally absolve you of your obligation to pay.
This would not fly in a court. I'm writing this again in the context of German legal system (and most of the continental Europe is similar).
To argue a good faith argument, you need to be paying the debt as long as the service is provided. You need to have strong proof that you have tried your best to cancel. Just claiming that you lost your card or not using the service is not an argument. in fact it would aggravate consequences for you since it can be interpreted as a bad faith argument from your side.
Usually this ends up sending them a letter with registration / delivery feedback (Einschreiben or Einwurf in German postal terminology).
The law tries to strike balance between contract law and consumer protection. You get a limited time to cancel without a reason and consequences. The contract also needs to be "fair" for both parties. For example a contract between you and an ISP cannot force you to pay when you move out and the said ISP cannot provide you an equivalent service. So it needs reasonable cancelation clauses for both sides.
