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.”

Obtaining relief for overwhelming credit card debt through a lower interest rate or reduced annual fees may be as simple as asking. “Most credit card providers understand people sometimes find themselves in tight places and need help getting out,” says Neal Brown, Financial Center Manager with Fifth Third Bank. “Be proactive and contact your lender as soon as you start feeling the pinch.”

Paying off debt that totals hundreds or even thousands of dollars may seem next to impossible. But no matter how much debt you have, there are ways to dig yourself out. “It’s possible to get out debt if you prioritize how you’ll pay it off and consistently make your monthly payments,” says Kevin Brosch, Financial Center Manager with Fifth Third Bank.

Recent updates to the FICO scoring model have changed the way credit scores are calculated – and you may be affected. As of July 2009, the three main credit bureaus (Experian^®, TransUnion^® and Equifax^®) began using an updated scoring model, FICO 08. “It was designed to provide lenders with a more precise system and is expected to improve the accuracy of lending decisions,” says Danny McNeill, Financial Center Manager with Fifth Third Bank.

Below, McNeill outlines the new scoring model’s key differences:

Today, it’s more important than ever to maintain a good credit score. “In the past, lenders were more lenient,” says Mike Lewallen, Financial Center Manager with Fifth Third Bank. “Now, many have tightened their lending guidelines and re-assessed risk levels, making it crucial to have the best credit score possible.”

If your score isn’t as high as you’d like it to be, consider the following tips:

Having a sound credit score can build bridges from where you are to where you want to be. “Your credit score can impact everything from loan approvals, getting utilities and your credibility with potential employers,” says Randie Sue Luersen, Personal Banker with Fifth Third Bank. “Understand that having credit is a privilege, not a right. When you learn about the factors that compose your score, you can help ensure you don’t do anything to accidentally damage it.”

In recent years, many Americans have found themselves saddled with large amounts of debt coupled with high interest rates. One solution for quickly paying off your debt is home refinancing. With mortgage rates lower than they have been for some time, now is a great time to consider this option.

Going to college can be a smart investment in your future, but given the bruised economy and bleak job market, a smart repayment plan is more important than ever. “The sooner you call your financial organization, the more that can be done to accommodate you and your student loans,” says Frank Cradduck, a financial center manager with Fifth Third Bank.

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.”