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It takes a little time, but whenever I receive a catalog or solicitation I have my name removed from the mailing list by either calling the toll-free phone number (all catalogs have them) or sending an email (for charities, non-profits, etc.). For mail from banks and credit card companies, I mail them a note (using their provided postage-paid envelope) kindly requesting name and address removal.
I've been doing this for about four years and I now rarely receive unwanted mail.
Another way to limit junk mail is to ask any magazines you subscribe to or any organizations you are a member of to not share, sell or rent your name and address to other companies, a practice that is commonplace.
I can't imagine the resources wasted on these unneeded mailings; thinking about it is mind-boggling.
UPDATE (1:10 p.m.): A reader just let me know about Catalog Choice, a service that helps with the process of opting out of unwanted mail. "I've found it reliable," she wrote.
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