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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 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 how to make more income and pay cash instead. This is the single most effective action you can take.

2 - Never Commit to Spending More Than Your Company's Income

Using credit to purchase something commits your company's future income to the credit card company. That is economic slavery. Take a hard look at whether the item you are about to buy is really something that will increase your company's income, or whether it is just something you want at the moment. If you really need it to produce more income, figure out how to make the cash to pay for it over a short period of time, rather than buying on credit. 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

To be really effective, your program should include using 10% to 15% of the business' weekly income to pay against 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. Put aside some of the payment money every week before the statements arrive in the mail. It's always easier to stash away smaller amounts over a 4 week period 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. An additional tactic is low 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 Spend Over The Card Limit Or Pay Late

Getting hit with $25 to $39 late payment or over-the-limit fees on which you'll be charged interest is a sure-fire way to set your debt reduction program back one giant step. 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.

Recently a Vice President of a U.S. bank appearing on the news stated that in excess of 24 Billion dollars was paid by consumers last year in fees for interest, late charges and over-limit charges. Don't think the credit card company really minds if you pay late or go over your limit. They make billions when that happens.

5 - Find Ways To Cut Expenses

Reducing debt requires as much cash as possible, as fast as possible. Evaluate how your company's income is being used and cut back on any expenses that do not contribute to increasing the income. Before you spend, figure out how much money that item is going to bring back in to your business.

TIP: Always keep promoting your your company and its products to everyone - don't cut back on that activity. Just make sure your promotional spending is bringing more money back in than what was spent.

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 a great place to begin. There are other steps that can be taken to increase the company's income, pay bills when they are due, have savings for emergencies, increase profits and pay yourself a higher salary. You want that, right?

Sandra Simmons, President of Money Management Solutions, has years of experience helping company owners and families manage their income to eliminate debt. 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