No, debts do not go away after 7 years. This is a common misconception about debt and credit scores. While it is true that most negative items will fall off your credit report after seven years, the debt itself still exists and must be paid back in full. Even if the debt has been charged off by the lender or sold to a collection agency, you are still responsible for paying it back. It's important to contact creditors as soon as possible if you're having trouble making payments so they can work with you on repayment options before any damage is done to your credit score.