For what it's worth, I do not give a rip about my credit, as I never plan to borrow money again for the rest of my life.
Do you ever plan to buy insurance? Insurance companies base their rates on your credit score with people with lower scores getting screwed over for higher rates
A lot of people feel that way. However, I have seen an increase in the number and types of employers who are performing credit checks in addition to the now common background checks and not just for prospective accountant-type employees. Even local PTA's are running credit checks on those serving as officers not just the treasurer because any two officers can sign a PTA check.
My grandparents, who raised me, were from the Depression era. They always paid cash for everything: house, car, appliances, etc. If they couldn't pay cash, they didn't need it that bad. They did without or repaired what they had. My Granny is now 95 years old. She cannot understand the housing bubble. It's beyond her comprehension and not because she's senile - she ain't.
Credit reports are also used by employers, insurance companies, etc., so it’s not smart to allow your credit to deteriorate, even if you plan to never borrow again. Plus...you need a credit card to buy an airline ticket, rent a car, make on-line transactions, etc. Credit reports matter.
Don’t get me wrong, neither do I. I am debt-free and have sufficient savings to pay my mortgage for 6 months in the event of job loss or catastrophe. These folks who are defaulting and walking away will NEVER be able to 1) pay off their defaulted mortgage or 2) borrow money for ANYTHING.
In 10 - 15 years, we’re going to hear stories about folks who failed to hold up to their contracts (mortgages) and now they can’t get cars or even student loans because of their lack of judgment.