When you apply for a credit card, you do so with the idea that you’ll manage it in a responsible manner.

But them something happens: you quickly find your balance growing out of control. Before you know what hit you, your credit card is maxed out and you’re in a deep hole.

Should you find yourself in this position, there are three things you need to do:

1. Don’t Panic

There’s nothing worse than learning that your credit card is maxed out. This means many things, including the fact that you can’t use it for the time being. Not to mention the fact that you’re now stuck with a large balance that requires your attention.

Your first thought is to panic, but don’t go down this path. Take a deep breath, realize that there are ways to eliminate your debt, and get in the right frame of mind.

The damage is done so there’s no point in looking back. Turn your attention to the future and the steps you can take to make things right.

2. Formulate a Strategy

This is when you take action. Formulate a strategy that allows you to make progress toward the end goal of eliminating your debt once and for all.

For example, consider transferring the balance to a balance transfer credit card.

There are many benefits of doing this, including the ability to take advantage of a zero percent introductory offer. With this, every dollar you pay is a step closer to a zero balance. You don’t have to concern yourself with finance charges until the introductory period ends.

Tip: understand how much interest you’ll pay after the introductory period.

3. Avoid the Same Fate in the Future

Once you have a strategy you can trust to help you eliminate your debt, it’s time to think about the future. And that means having a plan for avoiding the same fate.

You put a lot of time, money, and effort into paying off your credit card. The last thing you want to do is run up another large balance, thus putting you in the exact same situation.

Have a plan for responsible spending, as this will save you a lot of financial stress in the future.