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If you treat your mortgage like a blood oath instead of a contract, then yeah, you're a dummy.

The debt was given by a company to him with lots of caveats, one of them is not paying it. They are consequences of course.

Rule of thumb: pay back your grandma, but if the corp lender will screw you if he had a chance, treat him the same. Debt from people really trying to help you out and debt from companies trying to milk you left and right isn't the same.

Should one feel guilty of not paying, if you CC rate goes to 30% for being late a few payments and they do nothing to lower the rate?

You could compile a good list of who to do business with and who to avoid right here.

I'd prefer you do business with me because our contract is mutually beneficial and we both understand the risks we're undertaking.

Not because you think you have some kind of honour debt to me.

On the other hand if you think you could weasel out of an agreement because the contract isn't defined tightly enough then I wouldn't want to do business with you.

Emotive words like 'weasel' don't belong in a business discussion.

If the best course of action for you is to walk away from our deal, then I encourage you to take it. I would hope you understand me doing the same.