You are kidding, right?
You bought goods or services on credit. The credit company paid the merchant. You did not pay the credit company. You possess goods or services and you have not paid for them.
That is theft.
The credit company absorbs much of the loss but tries to limit that loss by selling the debt still owed to another company. They get what they can for it. The company buying the debt then begins the task of collecting from you what you owe. You still owe for the goods or services you bought on credit, only now you don’t owe the credit company you owe the collection company.
Isn't it amazing how deferred payment, 3rd parties and online anonymity have separated so many Americans from what is right and moral. This USED to be cash, or a line of credit from someone who you had to look in the face every day, and from whom you could not hide, or the entire town would shun you. THIS is part and parcel of our decline.
If you made those purchases and had every intention of paying for them and due to an unforeseen loss of work later on, how is that stealing if you can honestly no longer afford to pay the debt and keep the lights on?
Please explain that to me.