For one Poore student, credit became a financial nightmare

In 1990, Poore began her freshman year at Salisbury State University in Salisbury, Md. By her junior year, she had racked up nearly $8,000 in debt on 11 credit cards. "I spent a lot of money on pizza and beer –– no different from anyone else in college," Poore said. "I wasn't being responsible and I didn't consider what I could and couldn't afford. All I saw was the $18 minimum payment due." Her massive debt forced her to drop out of school. She opted to work in order to earn enough money to pay off her creditors. But Poore's financial situation would not go away easily. Because she had accrued such a large debt, interest on the charges she had made piled up at an exponential rate. Poore not only had a bad credit record, but also faced stress-related health problems. "Right now, I'm basically living paycheck to paycheck, and my debts still won't be paid off until 1999," Poore said. The 24-year-old got back on her feet only after visiting the National Credit Counseling Services, a financial counseling organization located in Columbia, Md. Ironically, she now works as a debt management counselor at NCCS, giving credit advice to people who are in situations similar to the one she faced. "Knowing what effect interest rates will have on your bill is a must," Poore said. "At 17 percent interest with minimum payments of $18 to $20 per month, a $5,000 limit will take 34 years to repay. "You do not need a credit card to survive. I learned the hard way."