Quote:
Originally Posted by 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.
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IMO walking away from a predatory loan does not make you a dirt bag.
As far as bad credit causing problems for him, it does cause some, but nothing that major.
Car loan issues? Buy a nice used 10 year old car out of the paper for cash.
Rental issues for an apartment? Not in my experience.
Having bad credit does cause some angst, but it's really not that big a deal, as, if nothing else, it forces you to live within your means.
Something that IMO a LOT more Americans ought to friggin' try doing for the good of us all.