Most of the Americans are under a debt trap. This has happened because of not utilizing finances in a proper way. Proper financial planning and adhering to the plan is required to get financial success. Be it personal finances or business finances. Some ways to reduce debts are:

Pay off your debts on time: Make your payments on time because it reflects on your credit record. A delay in payment leads to the imposition of late payment fees and thereby it increases your debts. It may be difficult for you to clear your dues on time, but you will breathe even harder if you see an extra 30$ or $50.

Get close with your creditors: An effective interaction will improve your relations with your creditors. Most of the creditors will mercifully give you a concession, if they feel that you are willing to return the money and are working at managing your finances in a better way. They will not pressurize you to pay earlier.
 
Pay your credit card: The credit cards usually carry the highest rate of interest; therefore it would be very favorable for you if you make payments at the first instance. Your debt will drastically become low and your cash balance may rise if you maintain strict control on your spending.