No one breaks down the internal operations of the finance sector like McKenzie. His latest edition, "Credit card debt collection," is a fantastic read:
https://www.bitsaboutmoney.com/archive/the-waste-stream-of-consumer-finance/
McKenzie describes how a debt collector who mistook him for a different PJ McKenzie and tried to shake him down for a couple hundred bucks, and how this launched him into a life as a volunteer advocate for debtors who were less equipped to defend themselves from collectors than he was.
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McKenzie's conclusion is that "paying consumer debts is basically optional in the United States." If you stand on your rights (which requires that you know your rights), then you will quickly discover that debt collectors don't have - and can't get - the documentation needed to collect on whatever debts they think you owe (even if you really owe them).
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The credit card companies are fully aware of this, and bank (literally) on the fact that "the vast majority of consumers, including those with the socioeconomic wherewithal to walk away from their debts, feel themselves morally bound and pay as agreed."
If you find yourself on the business end of a debt collector's harassment campaign, you can generally make it end simply by "carefully sending a series of letters invoking [your] rights under the FDCPA."
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