So the summer before I started college I got several credit card applications. Well, I applied for a couple just for "emergencies" and I was going to pay them off in full each month. I started in the fall of 1999 with two cards, I got two more that year. I now have four cards, with a total debt of around $4500. I never held a steady job while here at school so I have gone through s few months of no payments. I am going to be getting back my student loan/ scholarship/ grant money at the end of the summer, but I should spend that money of food, rent, and books. So what should I do? Bankruptcy? Can you even do that at 20? Some sort of debt consolidation loan? Any advice is welcome, BTW I just finished my fourth semester, and I don't know what I charged... lots of cash advances. Yeah I'm a bright girl! :)

Having credit card debt is not unusual and it is not necessarily a bad thing. If you can't afford to pay the minimum payments that is a problem!

The last thing you want to do is to mark your credit history with late payments etc. (negative info stays on your credit report for 7 years). You should talk to the financial aid office at school to see if you can increase the amount of loans you are currently getting. If you don't have any financial aid options, do everything you can to at least payyour minimum payments and deal with the debt after you graduate
and get a better job. If you can ask your family for some help that may
be a good idea. (Hey every student makes mistakes)

Another alternative is to get in touch with your credit card companies and tell them the situation. Tell them that you want to work out a payment plan and get an interest rate reduction due to the fact that you are a student. Most companies will try to work out a deal. Many of them have hardship programs to try to help in this kind of situation.

I trust you also realize that you have to make some changes in how you use your cards. Consider this a good learning experience. It will pay off in later years. :)

The_Insider