Several of my credit cards have been unpaid for 4 years. The credit card companies gave my accounts to collection agencies who now want the money. If I wait 3 more years will the debt be wiped off my credit report?

No, I'm afraid not. The seven-year time period you're referring to only applies to bankruptcy - if you declare bankruptcy, the fact that you declared bankruptcy will remain on your credit card for seven years, during which time it will likely be hard to get loans or credit cards with favorable terms.

So, if you're wondering what to do now, it might be a good time to declare bankruptcy if you absolutely cannot pay off your debts. You could also consider consolidating your debts into a single loan, as this may allow you to have a lower, more manageable monthly payment.

If you decide to declare bankruptcy, it will allow you to not pay your current debts, but you will have to live with bankruptcy on your credit record for seven years. Please consult a professional before doing this - a lawyer or an accountant who has experience in this area.

Only after you pay off the debt is your poor credit rating readjusted by the Credit Bureau after a given period of time (years ... and it depends where you live).
Go to a credit counselling organization and get them to negotiate a reduction in debt on the condition that you pay something each month.
This irresponsibility will hound you forever otherwise. You will not be able to get any loans for a car, mortgage to buy a home, personal lines of credit..etc

Interesting new way that creditors are dealing with old debts and old charge offs. . .they are rejuvenating or re-aging the accounts owed on. Or selling your loan to collection agencies or other creditors in which case, the loan is re-aged everytime this happens so that it remains on your credit report much longer than 7 years. Above board? No, but this has become an increasing problem as of late. I would strongly suggest that you contact a reputable attorney and or non-profit credit counseling agency. Better yet, pay what you owe if you can.

Other considerations are (depends on the laws in your area, amount owed, etc.):

You may be served a judgment notice (sometimes called a Warrant In Debt) by a member of local law enforcement which could turn you a little red in the face. Say you then chuck the notice in the garbage and blow of the court date for which you must appear or fail to contact the creditor who served you to make payment arrangements. You might be soon finding your paycheck a little light because they can then garnish (payments involuntarily made) from your wages. Not a great way to impress your employer. This will remain on your credit report until the judgment is satisfied and if it took them 2 years to track you down to be served it only elongates the time that this blemish remains on your credit report.

Employment opportunities may pass you by because of a lousy credit report. My employer is very likely to pass individuals with financial problems up. The employer I had prior to my current one was the same because we were acting in a fiduciary capacity (handling money).

Three years is a long time. Say you want to buy a house, rent an apartment, or get a car loan. You will either be rejected or pay a high interest rate. Looks much better if you appear to be paying up in good faith.

http://articles.moneycentral.msn.com/Banking/YourCreditRating/WhenPayingBillsCanHurtYourCredit.aspx?page=2

This might be a good thing for you to read. Paying off the debts might help, and might hurt you.

Not if they obtain judgments. And no the debt will not be wiped from your credit report. After the statute of limitations have been met and you are no longer legally forced to pay. It will be another 6 to 10 years for that to disappear from your credit report.

Good question... I have been researching this for a while now for my own benefit, although mine are medical bills not credit card debt.

I would honestly reccommend that you consult a debt consoling company, as even though the cards are closed, they have a legal right to charge you interest and this will continue to make your credit worse and worse.

Look for a reputable company and you can save that interest and probably settle for about 50% of what you owe.

In regards to them reaging your accound... this is actually illegal under the Fair Credit Billing Act... If you catch anyone doing this, notify them in writing that they have 30 days to update the account correctly or that you will pursue further action. Send it certified mail to prove receipt... and if they don't, then you might have some way out. (But it's going to be difficult and costly!)

the collection agencies will still hound you. maybe they will sieze your vehicle. or talk to your landlord. there is no time limit for collection agencies. they buy your credit accounts for ten percent of the value. then they try and get whatever they can out of you. you could settle with them cheaper.

Nope. never.

Unpaid debt lingers for a lifetime on your credit report.

Only way to regain grace is to pay the bill.

Some collection agencies are now turning to the courts for payment. this means an attorney can file a lien against any of your owned assests, until the bill is paid. if you have a car this paid for, they can attach your vehicle and sell it at auction in order to satisfy the credit card bill.

Best bet is to pay off the debt and save yourself a lot of hassle from hasslers.

If your debt is not too unbearable, pay it off little by little. As long as you are making payments and paying things off, your score will look better little by little. Once you get each bill paid off, the start time of 7 years will begin on the date when one bill is paid off, and so on and so forth. After the 7 years, it will be wiped off your credit report if everything is paid off. If your debt is an amount that you know will take you forever to pay off, get credit debt couseling to explore your options before filing bankruptcy. I know this because I had the same problem. Mine, fortunately was only a small amount, but it goes the same for everyone. I do know that you should talk to a debt credit counselor before filing bankruptcy because my parents did it back then. They may have been free and clear of debt, but it didn't leave many options open for them to accrue any good credit in the future. You are not the only one with this problem. Good luck! This is something that will take alot of time, effort, and planning. You can do it!