In today’s world, you can find plenty of advice for the best ways to get out of debt. However, it’s sometimes difficult to separate the myths from the facts. “A lot of people believe financial organizations are unwilling to work with them to reduce debt,” says Steve Robinson, Financial Center Manager with Fifth Third Bank. “But at Fifth Third Bank, we want to keep our customers happy and provide advice that can help them make debt a thing of the past.”

Myth: Paying the minimum payment is enough to get out of debt fast.
Fact: You may be able to reduce your debt – and pay less in interest – if you make more than the minimum payment.

Consider paying more than your minimum payment each month, even if it’s only $10 extra. The faster you can pay down your debt, the less you may be required to pay in interest over time – sometimes saving you up to thousands of dollars. Finding extra money to put toward your debt could be as simple as using coupons when you shop for groceries or carpooling to work. For additional ways to save, read Five Ways to Start Saving Now.

Myth: You should always pay off your highest interest rate debts first.
Fact: It may make better sense to pay off your largest balances first.

After payment history, credit utilization is the largest factor that makes up your credit score. One of the easiest ways you could boost this portion of your score is to reduce your debt-to-credit ratio, and paying down your largest balances first may make the biggest impact. For example, if you have a $5,000 credit line and you have a balance of $4,500, you are at a 90 percent utilization rate. Ideally, you would want to aim for 30 percent utilization or less to maximize your credit score.

Myth: Building your savings should always be your first priority.
Fact: It’s best to prioritize debt payoff.

Typically, the interest rates paid on credit card balances exceed the interest that can be earned on money set aside in savings accounts. Although it’s important to build a healthy savings fund, in some cases it may make more sense to prioritize paying off debt first. It’s all about deciding how you can get the most for your money.

At Fifth Third Bank, we offer home and auto equity loans to help consolidate your debt*. In addition to having only one monthly payment, these secured loans typically have lower interest rates than most credit cards so you may pay less in interest over time.

We also offer free financial reviews where you can meet with one of our financial professionals for a complete assessment of your individual situation. You’ll learn new ways to budget and save, as well as leave with a plan for tackling your debt. “We’ll help you get to the root of your debt and find a plan to address it until it’s paid off,” says Robinson.

For additional strategies for paying down debt, contact Fifth Third Bank at (866) 475-4201 or visit 53.com.

* Extensions of credit are subject to credit review and approval.