Need a debt reduction program? Don't despair, here are some tactics you can use to help yourself, starting now.

1 - Stop Using Credit Cards

Put the credit cards under lock and key. That's the place to start. If you want to get out of debt, you have to learn to operate on only the income you make. Figure out ways to increase your income and pay cash instead. This is the single most effective action you can take.

2 - Don't Obligate Your Company To Pay More Than It Is Making In Income

Using credit to purchase something commits your company's future income to the credit card company. Then you experience economic slavery. Evaluate whether or not the item will increase the company's production of income. If the item will increase the business' production of income, work out how to set aside the cash to pay for it over a short time period instead of whipping out the credit card. Find ways to increase the company's income and use it to pay both current expenses and pay off credit debt.

3 - Pay More Than The Minimum Payment That's Required

An effective way to reduce the debt every week is to take 10% to 15% off the top of the company's income and use it to pay down the debt. Set a goal to pay at least 3 to 5 times the minimum required payment on each credit card and line of credit. Stash away some of the payment money every week until the statements arrive at your office. It is less difficult to put aside small amounts over 4 weeks than scramble to come up with the whole amount out of one week's income.

Use the tactic of paying more on the highest interest rate card in your debt reduction program. Another effective tactic is paying off the lowest balance cards as quickly as you can. The money you were paying on those low balance cards becomes available to pay off the highest interest rate cards.

4 - Never Pay Late or Spend Over Your Limit

Never sabotage your debt reduction program by getting hit with $25 to $39 over-the-limit or late fees plus the interest on those fees. In addition, if your payment arrives more than 30 days late, that black mark stays on your credit record for 7 years - a harsh penalty to pay.

In a news report, a Vice President of a U.S. bank recently said that in excess of 24 Billion dollars was paid in interest, late fees and over-limit fees last year on credit cards. I hope you don't think the credit company minds too much if you go over your spending limit or mail your payment late. They collected billions because of it.

5 - Cut Back on Expenses

Reducing debt requires as much cash as possible, as fast as possible. Examine what your company income is being spent on and reduce all unnecessary expenses that do not contribute to the production of more income. Before you spend, work out how much money that particular purchase is going to bring back in to your company.

TIP: Don't ever stop promoting your products and services to everyone - this is one area you don't want to stop spending on. Just make sure you are getting a handsome financial return on the promotional investment.

Correctly managing the money in a business to make sure it survives takes more than a strategic money management plan to get out of debt, but this is a great place to start. There are other steps that can be taken to increase the company's income, pay bills on time, have savings for emergencies, increase profitability and pay yourself more money. You want that, right?

Sandra Simmons, President of Money Management Solutions, has years of experience helping business owners and individuals manage their income to become debt free. To learn more about the Money Management Software she created, visit her website and watch the FREE 5-minute demo video at www.MoneyMgmtSolutions.com