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Do you need some debt 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 make more income and pay cash instead. 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

Using credit to purchase something commits your company's future income to the credit card company. 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 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 - Pay More Than The Minimum Payment That's 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 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 each week before the statements show up in the mail. It is less difficult to stash away smaller amounts over 4 weeks than to try to come up with a big chunk in one week.

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 fast as possible. After paying those lower balance cards off, you free up more cash to use on the high interest rate cards.

4 - Never Spend Over The Card Limit Or Pay Late

Do not destroy your debt reduction strategy by getting hit with late payment or over-limit fees of $25 to $39 on which you'll pay interest. In addition, 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.

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. 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 - Reduce Your Expenses

An effective program to reduce debt requires as much extra cash as possible and as fast as possible. Evaluate how your company's income is being used and reduce all unnecessary expenses that do not contribute to the production of more income. Before you spend, evaluate how much money that particular purchase is going to bring back in to your company.

TIP: Continue 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 make sure it survives takes more than a strategic money management plan to get out of debt, but this is an excellent place to start. There are other tactics you can use to increase the business' income, pay bills when they are due, have savings 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 professionals and private individuals manage their money to eliminate debt. To learn more about the Money Management Software she created, watch the FREE 5-minute demo video on her website at www.MoneyMgmtSolutions.com