Credit Default. What does it mean? (In australia)?

Ok here is the run down.

I am 20. I had an awesome state government job, lived in an inner city apartment etc. But I didnt think a rainy day (or personal crap) could break me financially.

I was unable to pay for a few months my overlimit maxed credit card and phone bill

So Here I am. I rang up to organise. $2k - 2.5k credit card was sold off though they have not recieved the account yet so its brand new. The $1300 phone debt is being sold off tomorrow if i dont pay in full (yeah right)

So im looking at 4 k of debt. Im pregnant single.

Credit card buyer chick said it is listed as a default but she%26#039;ll call me when the account arrives. does this mean I am screwed with credit rating?

From this info, whats the deal with credit rating and how long it will be bad etc??

If I pay off the full $4k in 6 months (payments plus baby bonus money) will that make it better?

Just any financial advice would be appreciated

Credit Default. What does it mean? (In australia)?

paying it of quickly now won%26#039;t make any difference if it%26#039;s already in default the best advice i could give is pay it off asap, as the sooner it%26#039;s paid off, the sooner the default can be removed, have a look at www.mycreditfile.com.au/

they provide a free credit report and will tell you when any defaults will be removed...