It's not surprising when you think about it, but it's still an important problem to think about. It has the potential to cause some problems if state courts become seen as a vehicle for debt collectors more than an authority for righting wrongs.
I actually don't agree. Many debts in the US are effectively non-collectible, because all the property from which they could be collected is exempted. (This is especially true in Texas, where wages can't be garnished for most debts.)
I just meant a debt that is inherently non-collectible (and thus does not need to go to court) is not a debt.
For instance determining whether or not a house is a homestead and whether or not the debt is therefor effectively non-collectible or not is something that requires a court.
They generally settle for way less than the principle, credit card debt for one is sold for cents on the dollar (4 to 7 according to this source, though I've heard lower). [1]
I really dislike how when debt collection gets talked about, the debt collectors are the evil ones. Never mind the person who signed a contract to pay x interest in return for y money and didn't pay it back.