Great debt reduction tips from Yahoo! Finance!

3. Switch to a cheaper credit card and you could take advantage of one of the many 0% interest balance transfer offers to provide a breathing space. You should aim to stop using your card altogether until the debt is cleared but if you know this won't be possible, pick plastic which also has a 0% introductory rate for purchases so that you are not adding to the problem.

4. Cut up any spare credit cards or store cards to avoid temptation and write or call the companies to cancel your account. If you don't do this, they will reissue the card when it expires and you will find it hard to resist.

5. Speed up your repayments if you can. The sooner you repay your debts, the less they will cost you. The minimum payment on your credit card may look like an easy way out but if interest is mounting up, getting your finances straight will take forever. Remember, if you are paying off a loan, watch out for penalties if you try to repay it early.

8. Avoid debt consolidation and debt management companies. There is nothing they can do for you that you cannot do for yourself, for free.

9. Keep talking to your creditors. They will find it hard to be sympathetic if you ignore their letters and calls. Lenders are used to dealing with requests for payments to be reduced and interest to be frozen so you may find they can help.