Debt can be a heavy burden, but with the right knowledge and tools, you can overcome it and achieve financial freedom. It’s not as impossible to become debt free as it can seem. But we know it’s still tough, so we’ve made things a little easier. Here is our handpicked selection of the best books on getting out of debt.
These insightful reads offer practical money management advice, proven strategies to stay out of debt, and inspiring stories to guide you to financial stability. Whether you’re drowning in credit card debt or struggling to manage finances, these books will empower you, show you how to control your money, and build a prosperous future.
“The Total Money Makeover: A Proven Plan for Financial Fitness” by Dave Ramsey
In “The Total Money Makeover,” renowned personal finance expert Dave Ramsey presents a step-by-step plan to eliminate debt and transform your financial situation. Ramsey practical advice, covers budgeting techniques, debt snowball methods and more. He motivates readers to adopt a disciplined approach to money management and financial freedom.
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Instead of taking the traditional approach of paying off debts that have the highest interest rates first, he recommends starting with the smallest debts. This helps ameliorate the psychological downside of debt. For many of us, it can help to feel like we’re getting somewhere by reducing the number of debts and student loans. That can provide the motivation to continue on and tackle larger ones.
If those details aren’t enough motivation to get “The Total Money Makeover,” it’s on Amazon with several low (and sometimes free) options for accessing the audiobook and Kindle versions.
“Cashing Out: Win the Wealth Game by Walking Away” by Julien and Kiersten Saunders
In “Cashing Out,” Julien and Kiersten Saunders share their personal journey of paying off over $200,000 in bad debt in just five years. Their story highlights unconventional strategies for achieving financial freedom and challenging societal norms. They actively encourage readers to think outside the box. The two take a realistic approach to life and the need to make life about something more than just working.
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If traditional strategies have failed you, this is a good book to start with. If you’re not quite ready to dive into the full book yet, check out their podcasts and learn more about them on their website, Rich & Regular, first.
“Financial Recovery” by Karen McCall
For those struggling with debt and financial chaos, Karen McCall offers a comprehensive guide to achieving financial recovery. Drawing from her own experiences, McCall provides practical tools and exercises. She helps readers develop healthy money management habits and rebuild their financial lives from the ground up.
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Before she gives the strategies needed to succeed and overcome past habits to get out of debt, she first helps you look into your attitude about money and how it may be leading to self-defeating behaviors that make it harder to climb out of debt. Sometimes, we are our own biggest hurdles. Karen knows this. She also knows how to help people to become their own biggest heroes.
Want to read the book without going further into debt? Check out the used book option on Amazon and pick it up for a fraction of the original price.
“The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas Stanley and William Danko
Do you want more than the best books on getting out of debt? Is your goal to end debt and live prosperously? Do you want to attain and preserve wealth? This book can help your aspirations become a reality. It will also help you to do it right.
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In this eye-opening near-classic financial advice book, Stanley and Danko delve into the lives of America’s wealthy. They debunk common misconceptions about wealth and show that it’s not always as glamorous as it seems. They help to shine a light on the issue of how many wealthy put money into luxury goods while not doing as much as they should when it comes to investments and savings.
The chapters provide insights into the habits and behaviors of millionaires. They also offer valuable lessons on budgeting, living below your means, and truly building wealth for the long term. You can find the book in several forms on Amazon.
“Money Rules” by Jean Chatzky
Jean Chatzky, a financial journalist who has often appeared on the “Today Show” over the past couple of decades, compiles a list of 90 essential money rules in this concise and practical book that’s easy to get through. This will always be a strong choice among the best books on getting out of debt.
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Covering a wide range of topics, from debt management to saving and investing, Chatzky’s rules are a handy reference for anyone looking to gain control over their financial life.
This book should be on everyone’s bookshelf.
“Maxed Out: Hard Times in the Age of Easy Credit” by James Scurlock
James Scurlock takes a critical look at the dark side of credit cards in this eye-opening exposé. He delves into why America is in debt. The author puts the full brunt of the responsibility for America’s credit card debts on an out-of-control financial industry.
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Through personal stories and in-depth research, he explores the consequences of easy credit and the pitfalls of consumer debt. This story often serves as a cautionary tale that motivates readers to make informed financial decisions.
You may not learn as much about getting out of debt with this book, but you will gain some real wisdom by the final page.
“Overcoming Underearning” by Barbara Stanny
Last but not least, Barbara Stanny offers a 5-step plan and addresses the often-neglected aspect of underearning. She looks into its impact on our personal finances and relationship with money.
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In her book, she provides practical strategies and mindset shifts to help readers overcome self-imposed limitations and break free from the cycle of underearning, paving the way for increased income and financial abundance.
The best books on getting out of debt
These books serve as invaluable resources for anyone seeking to escape the clutches of debt and take charge of their financial future. By incorporating the wisdom and strategies shared within these pages, you’ll gain the knowledge and inspiration to make informed financial decisions, reduce debt, break free from debt, and build a solid foundation for lasting financial well-being. Remember, with the right guidance, determination, and perseverance, you can achieve financial freedom again.
It truly is possible.
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Are you having trouble with debt? A company such as Loyal Lending can help you consolidate credit card balances and get your finances in order.
