Struggling with credit card or other forms of debt? You're not alone.  

Debt is a buzzword for politicians, a burden for students and a fact of life for 70 percent of Americans. According to a recent survey, one in four adults feel financial hardship as a result of their debt.

Fifth Third Bank commissioned the study to examine the financial beliefs and behaviors of American adults. The survey also revealed how millennials, generation X and baby boomers differ in their debt management.

Credit card debt threatens financial security

According to the study, Americans cite credit card debt more often than any other form of debt. Of those respondents that have debt:

• 62 percent have credit card payments

• 32 percent have car loans

• 29 percent have home loans

• 19 percent have medical bills

• 19 percent have student loans

• 13 percent have personal loans

Debt reflects the priorities of each generation

While credit card payments were the top identified debt across all age groups, the second highest debt for each generation reveals interesting insights into their priorities.

• 39 percent of millennials have student loan debt.

• 37 percent of generation X respondents are paying off car loans.

• 34 percent of baby boomers are still in debt for their mortgage.

"Climbing out of debt can feel overwhelming to even the most disciplined consumer," says Jada Grandy, senior vice president and Community Reinvestment Act strategies director at Fifth Third Bank.

"My best advice is this: set a goal and stick to it," she notes. "Think of your fixed and variable expenses as 'must-have' and 'nice-to-have'. You have to be incredibly disciplined, but you can live a debt-free life."