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 instead,use only cash. This is the one action that jump-starts your program to get out of debt. This step is critical to your program if you truly want to be debt free.

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

You commit your company's future production to the credit company when you pay for an item with a credit card. That is economic slavery. Ask yourself if you just want the item or if you really need it to increase the production of income. 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. 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

To be really effective, your program should include using 10% to 15% of the business' weekly income to pay against the debt. Establish a goal of paying 3 to 5 times what the minimum payment is on every credit card. Put aside a bit of the payment money every week until the statements arrive at your office. It is less difficult to put aside small amounts over a 4 week period than to find enough to pay a big bill all at once.

Use the tactic of paying more on the highest interest rate card in your debt reduction program. An additional tactic is to pay off the cards with low balances 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 more than 24 Billion dollars was paid in the past year on credit cards for over-limit fees, late payment charges and interest. 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 - Cut Back on Expenses

Reducing debt requires as much cash as possible, as fast as possible. Evaluate where your business' income is going and cut back on any expenses that do not contribute to making more money. Before you spend, work out how much money that item is going to return to your company.

TIP: Don't ever stop promoting your your company and its products to everyone - this is one area you don't want to stop spending on. Just make sure your promotional spending is bringing more money back in than what was spent.

Managing a company's income correctly to make sure it survives takes more than a debt reduction program, but this is a really good place to start. There are other tactics you can use to increase the company's income, pay bills on time, 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 private individuals manage their money to become debt free. To find out about the Money Management Software she created, watch the FREE 5-minute demo video on her website at www.MoneyMgmtSolutions.com