You bought the house, then you should pay for the house. You are able to make the payments because both you and your wife are working. Big deal...that's often how it goes! Yes, the house is worth less, but it's a paper loss. If you walk away then you are just as responsible as those others that you mention that are causing you pain from their mistakes.
We are (the US) on the verge of financing a $700 billion bailout. Actions like this only make a bad problem much worse.
Suck it up and accept your responsibilities. No one held a gun to your head to buy the house or the $40,000 of stuff on your credit cards. If it's getting tight, get a second job.
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