l have ~$5,000 credit card debt which has gone to collections. l have been receiving phone calls from the collection agency, but have not made contact with them. l have no income presently, as l am a student, and no assets. l am also completely broke. What is my best course of action?

Get a part time job and start paying most places will let you get on some sort or payment plan to help you out. If it comes down to it you may have to file for bankruptcy.

Every creditor will respond differently to defaulted debt: They will either continue to try to collect like they r doing now, or they will take u to court to get a judgment against you..This would not be a good option considering that u r not working.

There really is not anything u can do it u have no money other than to sit tight & hope that they do not take more aggressive action. If someone owed u $5K & they were not paying u back..I'd assume that you'd be contacting them everyday to get ur money..Likewise, u can expect the calls to continue.