America has no such qualms. We are a nation of deadbeats. We will declare bankruptcy/foreclose if its in our best interest. Regardless of whether we can afford to service or debt or not.
Heck, we will even max out our credit first!
Certainly this was the case prior to the 2005 bankruptcy legislation. Now however it is more difficult for debtors to wipe the slate clean — it is no longer entirely up to them and they may have their wages garnished until the debts are paid.