Credit cards can make it very easy to spend money, especially around the holidays. But spending more than you can comfortably afford can take a toll - financially and emotionally.

"Every year, thousands of people go into debt, and it's not just with holiday spending. People get into debt for all kinds of reasons," says Jesse Obert, a preferred banker with Fifth Third Bank. But with careful planning, time and discipline, people can climb out of debt, restore their credit score and peace of mind.

Examine wants vs. needs
Like other financial professionals, Obert says the first step in getting out of debt is to develop a budget by comparing monthly expenses with monthly take-home pay. "If your income cannot support your expenses, it may be necessary to re-evaluate your lifestyle," he says.

He encourages people to categorize their spending as "wants" or "needs." Needs include the mortgage, heat and groceries; wants are things like cable TV, cell phones and gym memberships. "It may be hard to cut back on your lifestyle, but it is possible - and, sometimes, it's necessary," he says.

Re-evaluate interest payments
Another step in getting out of debt is to review credit card interest payments. "Many credit cards charge high interest rates. Sometimes it's possible to reduce your rate simply by calling your credit card company and asking them to lower it," Obert says. "If they are not willing, you may want to consider transferring your balance to a credit card that offers a lower rate."

Consolidation options
When people have several credit cards at higher rates, consolidation may be a smart financial move. "It may be more efficient to transfer several small credit card balances to one credit card with a low introductory interest rate. When more of your payment can go toward debt reduction instead of interest, you can get out of debt more quickly," Obert explains. He encourages people to ask their banker for more information on credit cards with low introductory rates.

In some cases, people may want to consider paying off several small debts with a home equity loan or line of credit. "In many cases, we offer borrowers a lower interest rate when we can use their home as collateral," Obert says.

With a home equity loan, people borrow a certain amount at a fixed rate and term, and make payments every month. A home equity line of credit, by comparison, works much like a credit card. People have access to this credit when they need it and make payments when they carry a balance.

In some cases, people may want to refinance their home to help manage debt. "By taking out a new mortgage, people can use the equity in their home to pay off a car loan, student loans or even credit card debt. They may also be able to reduce their monthly mortgage payments," Obert explains. "It's important to seek financial advice when considering this option."

Holiday savings accounts
Fifth Third also helps people avoid taking on too much holiday debt by offering a holiday savings account. "People can contribute to this account throughout the year by making deposits from paychecks or work bonuses. In October, Firth Third mails this savings to participants in the form of a check," Obert says.

For more information on getting out of debt or avoiding debt, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans are subject to credit review and approval.