<human>: Can you condense the text into three sentences or less?

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.
<bot>: Owe debt from being young and irresponsible and armed with credit cards, wondering if possible to not pay debt and wait 7 years (AKA easy way out?)*