Working your way out of credit card debt can be frightening and overwhelming. But whatever odds you face, it’s important to know you can overcome them.

According to Kristel Johnson, a financial center manager with Fifth Third Bank, the first step is facing your fears. “Avoiding your bank and credit card statements will not help your situation,” she says. “You need to get serious in your approach to paying off your debt.”

There are additional steps you can take to lower or get rid of debt. Johnson offers the following advice for getting your finances back in the black:

• Formulate a recovery plan – Start by listing all of your debts on paper so you know exactly how much you owe. “Write down all the information for each account, including the full balance owed, interest rate and your minimum monthly payment,” Johnson says. “Then prioritize the list by highest to lowest interest rate and start paying the debts off in that order.” Paying above the minimum payment on high-interest accounts – while still making minimum payments on low-interest accounts – is a great starting point. Keep in mind, even paying slightly more than the minimum can make a big difference in how quickly you pay off your debt.
• Create a budget – After you’ve figured out how much you need to pay on your accounts each month, create a budget that will help you stick with your payment plan. Add up your monthly expenses, including your credit card payments and then compare that with your total monthly income. If your expenses are greater than your income, you will need to find areas to cut back. For example, if you eat out twice a week, consider cutting back to twice a month.
• Stop using credit – Try paying only with cash or a debit card. If you must use credit – and you should only do so in an emergency – use your card with the lowest interest rate. Although it may seem like a good idea to close an account so you can’t use it, avoid doing so because it will decrease your total available credit and thus lower your credit score. Instead, only close an account if you carry a small or no balance.
• Try to lower your rates – Contact your credit card companies to negotiate lower interest rates. Many companies are willing to work with you if you have a good credit score and payment history. If they are unwilling to work with you, consider transferring balances from high-interest to low-interest rate cards. However, if you decide to open a new account, make sure you first do your research and shop around for the best rate available to you.
• Consider consolidating – Johnson warns against working with consolidation companies because they often charge high fees for the services they provide. Fortunately, you have other options. For example, Fifth Third Bank may be able to help you refinance your mortgage or obtain a signature or unsecured loan. “We are willing to work with you to find the right payment arrangement for your situation,” says Johnson.
• Commit to your budget – Setting a personal budget is one way to become – and stay – debt free. Figure out your monthly income and balance that against your monthly expenses. “Sometimes people avoid setting a budget for themselves because it requires a change in lifestyle,” Johnson says. “But it’s a commitment that can help reduce and eliminate debt from your life.”

Fifth Third financial professionals are just a phone call or visit away. “We understand how stressful it is to have, what seems like, an insurmountable amount of debt,” Johnson notes. “But we’re here to help you improve your situation and work to make debt a thing of the past.”

To learn more about becoming debt free, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.