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In debt and need some relief? You have lots of company in this situation. Here are some tips on how to help yourself.

1 - Stop Using 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 - Never Commit to Spending More Than Your Company's Income

You commit your company's future production to the credit company when you pay for an item with a credit card. Then you experience 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. Establish a goal of paying 3 to 5 times what the minimum payment is on every credit card. Set aside a bit of the payment money each week until the statements arrive at your office. It's much easier to set aside a smaller amount over 4 weeks than to try to come up with a big chunk in one week.

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 lowest balance cards as quickly as you can. This will free up more cash to pay against the higher interest rate cards.

4 - Do Not Spend Over The Card Limit Or Make A Payment Late

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 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 by consumers in the past year on credit cards for over-limit fees, late payment charges and interest. 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 - Find Ways To Cut Expenses

A requirement of a debt reduction program is more cash as fast as possible to pay the debt off. Examine how your company's income is being used and cut back on any expenses that do not contribute to the production of more income. Before you spend, work out how much money each and every purchase is going to return to your business.

TIP: Always keep promoting your products and services to everyone - never stop promotion activities. Just make sure you are getting more money back in sales from your promotional activities than what it costs to promote.

Managing a company's income correctly to ensure its survivalguarantee it will survive takes more than a debt reduction program, but this is a great place to begin. There are other strategies that can be worked out to increase the business' income, pay bills on time, have cash reserves for emergencies, increase profits and pay yourself more money. Who doesn't want that, right?

Sandra Simmons, President of Money Management Solutions, has years of experience helping business owners and families manage their money 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