[onewhippedpuppy]

I've met a lot of highly educated people with absolutely no common sense. How about integrity? I know it's a forgotten virtue, but he did sign a note agreeing to pay for a loan. Personally, walking off from a debt because you don't want to pay makes you a total dirtbag. So he's upside down, who's fault is that? People like him are a big part of what is wrong with our society, nobody wants to take responsibility for their actions.

As for the rational things, you nailed it pretty well. We won't be able to borrow for anything, and will have big issues renting a decent place.