More and more people these days are in over their heads in debt. I'm seeing and hearing about foreclosures and bankruptcies. Good people who simply let go of the controls a bit too long are struggling under heavy loads of debt.

The burden of debt can never be taken lightly, not when it's excessive. When you're in too far you need a strategy to reduce the load to manageable levels. Here are eight things you can do to reduce and better manage debt:

1. Cut up all but one credit card. There are very few reasons to have more than one credit card. Simplify your credit management task by focusing all credit card activities into a single credit card account. If you're not paying off the entire balance each month, the single credit card you choose should be the one with the lowest interest rate.
2. Find ways to lower the interest you pay. Consolidate your debts into your single credit card account. Or consolidate into a home equity mortgage, or even a simple bank loan. Credit cards are, without fail, the most expensive way to borrow. Another approach to lowering your interest payments: Call your creditors and ask them for lower rates on your outstanding balances. It works.
3. Burn those bridges. After you successfully consolidate your debt, don't be tempted by the resulting zero-balance credit accounts. Close those accounts for good. And even though it goes without saying, "just say no" to any new credit card offers that come in the mail.
4. If you cannot consolidate everything into one account, then you need to prioritize. Make all minimum payments first. Second, pay as much as you can against the accounts with the highest interest rates.
5. Pay on time. Late charges can be worse than interest. If things get so bad that you can't make a payment then pick up the phone and let them know about it. You might be surprised at how much good that can do for your situation.
6. Find money to pay down debt. Creating and following a budget is the best way to find money you didn't know you had. Get a handle on how much you're paying for your various activities and decide which of them you can afford to cut back on. Do you really need six premium cable channels? Maybe cut back on this year's vacation a little? You have money you don't know about. Your budget will help you locate it and put it to better use.
7. Get help. If you can't get there by following the above steps alone, maybe it's time to call in a pro. Consider paying a visit to a non-profit credit counselor. A good one can work wonders for you; but they come at cost. Enlisting their help can do harm to your credit score because they're rightly viewed as a last-ditch effort to avoid bankruptcy. If you do go this route, do business with an agency accredited by the National Foundation for Credit Counseling
8. Invest in personal financial management software and books. There are so many great resources available to help people to understand and manage their own finances. Many of these tools are free. All you need to do is invest the time and effort to make them into lifelong habits for financial health.

These eight steps for debt reduction and management don't just apply to individuals and families who find themselves in trouble. They are good principles for everyone to follow when it comes to debt management. Build and maintain your budget. It will allow you to track your borrowing and live within your means. If you do that well you may avoid the need to take some of the more drastic steps outlined above.