I was hit with this last year while struggling for funds. Upon seeing the cancellation fee, I simply reported my credit card lost, changed the contact details on my adobe account, and then just left the account to rot. Adobe will never see another dime from me.
How does this work legally? I see this sort of comment quite often, but in my jurisdiction the money I owe is bound by the terms of the contract, not by the ability of the company to debit my card. If I would do this, companies can and will send letters with the amount due and eventually may escalate to authorities or a bailiff.
What authorities? In the US usually violating a contract is a civil matter. Unless you're a rich corporation that accuses people of fraud for violating your ToS like some companies do then sometimes the federal agencies get involved which basically protect big business and charge people with crimes that the little guy will never be able to do the reverse against a company.