Many Americans have found themselves overwhelmed by credit card debt, due in part to fees, interest rates and a lack of understanding about their card terms. However, the new Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 helps protect your credit and finances so you can finally breathe a little easier.

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.”

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.”

High school seniors have lots to worry about - deciding which college to attend, balancing after-school jobs - and, now, establishing good credit scores. According to a study by Jumpstart Coalition for Personal Financial Literacy, about one in three high school seniors has a credit card. "But all too often, teens do not know how to use credit properly," says Andy Johnston, a financial center manager at Fifth Third Bank.

After graduating from college, students generally have a six-month grace period before they must start repaying student loans. What should they do in the interim? The obvious answer is to find a job and begin working.

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

Kids who go away to college often experience many new freedoms once they're away from their parents' watchful eye. In the past, it's been a right of passage to make mistakes - and learn from them. But in today's economic climate, it's become more important for parents to help teens avoid costly mistakes.

The past few months have been brutal on America's work force, even worse than economists expected. Besides the recent layoffs, an additional 2.6 million Americans have been out of work for more than six months, according to the U.S. Department of Labor.