Answer: -At least 7 years and maybe as long as 10 years.. Not a good idea. Check with a credit counselor for bettr options. -Well I guess you could delclaire bankruptcy but then, you will have bad credit for 7 years after that and then i think you can move on. but I would not chance it cause I am not totally sure, laws may have changed. just try and pay them off if you can. thats your best bet. -Bad idea! That will be on your record for years. You might need a loan again someday and you'll probably not get it. You shouldn't, that's for sure. You entered into a contract that if you were loaned the money, you would pay it back. Now you want to default? After all that education, you still aren't very smart are you. -It takes forever to repair credit damage from a mortgage loan. As a credit analyzer, we also say that if you can't pay any of your bills, always at least pay your mortgage. It can really hurt you in the future, these things are only supposed to stay on your credit for a set period of time, but that is rarely updated. You may never be able to finance anything again or even get approved for services with satellite companies, cell phone companies, and others who will run your credit. Have you checked into this to be sure that anyone would even let you do this? The best think is to speak to the company that holds your loan or to a debt counselor to either put your loan on hold, lower the monthly payment, or increase it to pay it off sooner.