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.”

Many people are afraid to seek help out of fear or embarrassment, however there’s nothing to be ashamed about. “You’re not alone – many Americans are in the same situation as you,” Brown says. “Whether you find yourself in debt due to choice or circumstance, understand there are ways to get out if you seek help.”

Successful communication starts here
Brown recommends the following strategies for working with your credit card provider:

• Have a clear sense of your finances. Recognizing how much you owe, what you can afford to pay and an understanding for how long it will take you to pay it back can help make a difference when talking to your credit card company. With this information in hand, you’ll be better prepared to start the negotiation conversation. To help you understand exactly what you owe, review a copy of your credit report from one of the three major credit bureaus – Experian^®, TransUnion^®  or Equifax^®.
   
• Request a lower interest rate. If you are having trouble paying off your debt, it may help to call your lender to ask for a lower interest rate. You may have more negotiating power if you have a history of making on-time payments and your credit score is above 650. However, it doesn’t hurt to ask for a lower rate even if this is not your situation. It is recommended that any money you save by obtaining a lower interest rate should be used to pay down your debt faster.
   
• Ask for fees to be reduced or eliminated. If you are charged an annual fee, late fee, application fee or balance transfer fee, your lender may drop it if you ask. Many credit card companies are willing to negotiate these items, particularly if you have a good history with them. Although not all lenders will drop these fees, most will evaluate on a case-by-case basis.

Alternatives for debt reduction
At Fifth Third Bank, you may be able to consolidate your debt into a home equity loan or line of credit if your credit card company is unable to offer you a lower interest rate or reduce your fees*. This option could provide you with a lower interest rate than is offered for most credit cards. “Rather than dealing with five or six credit card companies, you can simplify things and work with just one lender,” Brown says.

We also offer free financial reviews that can help you formulate a plan to pay down debt. You can meet with a Fifth Third Bank financial professional to review your complete financial picture, find new ways to budget and discover strategies to reduce your debt. “We’ll help you put a game plan in place so you can start making your financial dreams a reality,” says Brown.

To learn more about working with your lender, contact Fifth Third Bank at (866) 475-4201 or visit 53.com.

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