Getting out of debt is a hard process and it takes time to achieve your debt freedom goal. Eliminating debt isn’t easy – it requires inspiration, planning, discipline, and persistence.
I clawed my way out of a large student loan and credit card debt mess after college. I paid back $30,000 in just a couple years with lots of dedication. I knew that it was a goal worth achieving. Being debt free is one of the greatest things I’ve ever done for myself and it’s something I recommend to others who want to be financially fit.
Books about debt and personal finance can help you pay off debt by inspiring you and giving you a solid framework for paying off debt. Reading can help educate you on personal finance and get you started in your debt payoff.
Reading books about personal finance and paying off debt is how I originally started my own debt payoff plan. Reading books is still my favorite way to educate myself financially. I say this even though I’m a blogger and love reading blogs!
Reading books about eliminating debt and living a rich life can also provide a great source of motivation when you are deep in debt and feel stuck. Spending $10 or $15 on a book that will give you the motivation to payoff debt can be a great investment in yourself and your future. When I was paying off debt I would read books about debt and achieving debt freedom whenever I was fatigued with my extra payments and sacrifices. Ultimately the books and stories they contained help push me further toward my goal of debt freedom.
The book suggestions below are books I’ve read that come highly recommended by hundreds and thousands of other people as well. They are solid books to read when you are getting out of debt. They are great places to start your education about money management and getting out of debt.
Best Books To Read When Getting Out Of Debt
I’ve been reading and listening to Dave Ramsey for a few years and I still listen to his radio show/podcast almost every day. This book is a classic that is great for beginners who need to organize their finances and get a grasp on the basics. It gives you a step by step financial plan to get yourself out of the credit cycle and start making progress. The Baby Steps laid out by Dave require a good deal of work and sacrifice but they are solid financial ideas that have been followed by millions of people who have climbed out of debt. Dave Ramsey is a fantastic author for motivation to get out of debt.
Reviews of Total Money Makeover from others:
- Reading this book has become a turning point in my family’s financial life.
- Two years ago, my husband and I were a little over $36,000 in debt including credit cards, cars, and student loans. Today, we are completely debt-free, saving an emergency fund like Ramsey strongly advocates in the book, and we will be able to purchase a home on a 15-year fixed rate mortgage.
- The book is a very easy and entertaining read. For those of us who dream of living debt-free, it is a very inspiration book to have.
- Although I don’t personally share Dave’s religious convictions, his financial advice is AWESOME!!
Zero Debt is a great book for those in credit card debt who need to dig themselves out but don’t know where to start. It’s packed with information and a practical financial plan that can be implemented right away. It gives useful tips for dealing with current struggles like bill collectors and past due bills. It helps you handle the immediate and also create a plan to change your life and conquer debt forever.
Reviews of Zero Debt from others:
- The advice is helpful if you’re hanging by your fingernails on the edge fielding calls from evil bill collectors.
- ZERO DEBT is written in an easily followed conversational tone, a helpful trait when talking about finances to those who are already stressed when they pick up the book.
- This guide is full of tips how to stay debt free.
You don’t hear about this book often outside of personal finance circles but it’s a great read with lots of wisdom contained in it. It was written from a Babylonian perspective using parables to show the importance of financial management through self control and discipline. It highlights many important principles like never spending more than 9/10 of your earnings and only spending what you have to avoid debt. It’s a great way to soak in some of the classic financial principles in a different way.
Reviews of The Richest Man in Babylon from others:
- I am continually amazed at how a book so small can contain so much content and be so powerful.
- I often give this book out as a gift whenever a person younger than me asks for my advice on money. I always present this book to them saying “if you read it and do as it says, it will work magic.”
- I read it over and over untill the principles were imbedded into my conscious and subconsious mind. Soon, after the fifth reading, the the principles became habits for me. My wealth esculated at a very rapid rate.
- I am still amazed that such a tiny book can deliver so much powerful and timeless information.
This book is a fool-proof guide to paying off debt, planning for the future, and breaking free of our debt-loving culture. The methods are similar to many other debt books and Mary Hunt preaches a debt free lifestyle with the idea that managing the money that we have is always enough. It teaches specific methods that will lead you to manage your money better and live a life of peace and abundance.
Reviews of Debt-Proof Living from others:
- What can I say? This is a darn good book.
- I did not know what I was going to do. After reading this book I have a plan and a direction.
- Mary Hunt’s “Debt-Proof Living” is one of the books that all families should read and then put the concepts into action.
- They should make this a mandatory class for high school and/or college students. The website is extremely useful, as well.
This book is a bit different because it offers a more practical position on getting out of debt by teaching you how to settle your debts and make a difference through lowering the amount you need to repay regarding your debts. If you are drowning in debt and need to learn how to settle to relieve some of the pressure then this book is an excellent choice for it’s very comprehensive treatment of the subject. The lure of easy credit might have gotten you into a mess but this book will help get you out.
Reviews of Settle Your Debts from others:
- This book has saved me thousands of dollars! BUY IT!
- To me, this is exactly what a how-to book should be: Well-organized, concise, easy to follow, and based on the real world- not theory.
- This book was the most helpful by far for dealing with creditors and setting up your plan of attack.
- The debt settlement strategies I learned from Negotiate and Settle Your Debts were nothing short of AMAZING.
This book does a great job of explaining the financial system and how it works. It highlights many of the shady practices credit card companies and lending companies use and shows how our economy has been fueled by these companies and their lax standards. This book is great for showing how the economy bubble developed from too many people living on credit and the following recovery they must go through to overcome that lifestyle.
Reviews of Maxed Out from others:
- A good quick read on an important subject.
- James Scurlock is prophetic as well as provocative: his book was written (and his documentary made) back in 2005, when it seemed that the real estate market could do nothing but continue its spectacular rise, yet he preached caution about the unsustainability of real estate speculation.
- The problem, as writer and filmmaker Scurlock brings out in his book (and companion documentary film), is that Americans are living on borrowed funds and we’ll all be in trouble when the bill comes in.
- This book is great, it is basically a muckraking book about the credit card industry. Very eye opening and important for everyone to read!
Getting Out of Debt Takes Action
These books are a great place to start when getting out of debt and there are dozens of others that I can recommend.
Remember that this books are great for financial guidance and motivation but they won’t magically get you out of debt. Getting out of debt requires action on your part and time for that action to make a difference.
These books will help you on your journey to debt-freedom but just think of them as guides. It’s up to you to make the journey!
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