"Teams aren't pulling away in the league and we're not far off getting out of it," Bailey told BBC Tees.
"There are plenty of games to go and hopefully we can start turning it around in the next few games."
Bailey added: "We have just got to stick together as a team."
The former Charlton Athletic midfielder was signed by former boss Gordon Strachan as one of a wave of big-money arrivals charged with leading the club's Championship promotion bid.
However results have not rewarded that investment thus far, with 12 defeats in 20 league matches this campaign, although Bailey has played his part in trying to overcome the slide with 18 league appearances.
"I didn't expect to be down there," the 26-year-old said.
"Obviously I'm part of this team that is down there, it's up to me as well as everyone else to get us out of it.
"We're down there for a reason and we have to look at ourselves, see what we're doing wrong and go out in training and try to put it right."
The Hammersmith-born midfielder began his career with Sutton United, before Barnet signed him in 2004 for £10,000.
Three impressive seasons at Underhill prompted the attentions of Southend, for whom he was player of the year in 2007-08, before joining Charlton where he was made captain before his £1.4m switch to the Riverside this summer.
Source: BBC Sport
Source: BBC Sport