Hi, first I'd like to thank you for reading!

I'm in Canada and signed up for two credit cards right when I turned 18. Fast forward five years later: irresponsible spending, moving to a different city, racking up debt and I now owe a combined ~$5000 ($3700 + $1300). 

I have closed both cards but have barely been able to make payments along with rent/utilities/etc. I picked up an extra job at a restaurant but it still wasn't enough (I live in Vancouver, very expensive) and then I got laid off... so my debts are still at the same amount. 

I have looked at all my options, talked to a not-for-profit debt relief program, budgeted etc. And now, I am moving back home to Alberta, living with my parents, to save up. 

**I am wondering about letting the debts go to collections and then just waiting until they hit the statute of limitations?** I know this only covers legal action but I have read on other websites about loopholes in 'alleged' debt. 

I figured I am still young and my credit is shit anyways, would it be possible to get away with this and wait the 7 years for my credit to reset? I don't plan on buying a house/car anytime soon and don't mind living on cash only for the next while. 

(I also wouldn't ghost on my credit as I have a student loan I am paying off as well as a post-paid phone line and open bank account - not associated with the credit cards)

Probably seems too easy but would appreciate some advice.
user
Accidentally racked up a bunch of debt from
assistant
Hi, first I'd like to thank you for reading!

I'm in Canada and signed up for two credit cards right when I turned 18. Fast forward five years later: irresponsible spending, moving to a different city, racking up debt and I now owe a combined ~$5000 ($3700 + $1300). 

I have closed both cards but have barely been able to make payments along with rent/utilities/etc. I picked up an extra job at a restaurant but it still wasn't enough (I live in Vancouver, very expensive) and then I got laid off... so my debts are still at the same amount. 

I have looked at all my options, talked to a not-for-profit debt relief program, budgeted etc. And now, I am moving back home to Alberta, living with my parents, to save up. 

**I am wondering about letting the debts go to collections and then just waiting until they hit the statute of limitations?** I know this only covers legal action but I have read on other websites about loopholes in 'alleged' debt. 

I figured I am still young and my credit is shit anyways, would it be possible to get away with this and wait the 7 years for my credit to reset? I don't plan on buying a house/car anytime soon and don't mind living on cash only for the next while. 

(I also wouldn't ghost on my credit as I have a student loan I am paying off as well as a post-paid phone line and open bank account - not associated with the credit cards)

Probably seems too easy but would appreciate some advice.
user
Have two credit cards, racked up debt, would
assistant