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

1 - Stop Paying With Credit Cards

If you haven't done this one, then this is where to start. Put the credit cards and line-of-credit checks under lock and key, and operate as if you don't have them at all. Figure out how to bring in more income and pay cash instead. This is the single most effective action you can take.

2 - Don't Commit to Spending Money Your Company Cannot Immediately Pay

Using credit to purchase something commits your company's future income to the credit card company. That's the recipe for economic slavery. Ask yourself if you just want the item or if you really need it to increase the 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. Figure out ways to increase the income your company is making and use the cash to pay off the debt while also paying operating expenses.

3 - Always Pay More than the Minimum Payment Required

Your debt reduction program will be most effective if you carve out a minimum of 10% to 15% of your income, and use this money to reduce the debt. Set a target of paying 3 to 5 times the minimum monthly payment on every credit card. Set aside a portion of the payment money every week before the statements arrive in the mail. It's always easier to put aside small amounts over 4 weeks than scramble to come up with the whole amount out of one week's income.

Paying more on the highest interest rate card is an effective debt reduction tool you should use in your program. An additional tactic is to pay off the lowest balance cards as quickly as you can. This will free up more cash to pay against the higher 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. Plus, if your payment is more than 30 days late, that black mark stays on your credit record for 7 years - a harsh penalty to pay.

Recently the Vice President of a U.S. bank announced on the news that over 24 Billion dollars was paid by consumers last year in fees for interest, late charges and over-limit charges. 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

An effective program to reduce debt requires as much extra cash as possible and as fast as possible. Evaluate where your business' income is going and reduce all unnecessary expenses that do not contribute to the production of more income. Before you spend, work out how much money that item is going to bring back in to your business.

TIP: Continue promoting your your company and its products to everyone - don't cut back on that activity. Just make sure you are getting a handsome financial return on the promotional investment.

Correctly managing the money in a business to ensure its survivalguarantee it will survive takes more than a strategic money management plan to get out of debt, but this is an excellent place to start. There are other strategies that can be worked out to increase the company's income, pay bills on time, have cash reserves for emergencies, increase profits and pay yourself a bigger paycheck. You want that, right?

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