Debt is something most of us will have to deal with at one stage or another. Whether it’s student loans, personal loans, credit cards, or mortgages, the majority of us will have some form of debt throughout our lives.
Debt can be an extreme source of stress for lots of people and can result in extreme financial hardship. If you’re ready to rid yourself of overhanging debts, it’s a great idea to start by seeking out some highly engaging and informative books written by experienced professionals on how you could reduce your debts and regain control of your finances.
Listed below are eight of the bestselling financial books focused specifically on reducing debts.
Best Books on Debt Payoff
1. The Total Money Makeover by Dave Ramsey
A New York Times Bestseller, Dave Ramsey’s The Total Money Makeover is a global success, with over five million copies sold to date. Ramsey is an experienced financial coach and host of the popular podcast The Dave Ramsey Show. His expertise lies primarily in assisting individuals and businesses to manage their finances and reduce any debts.
In The Total Money Makeover, Ramsey has compiled all of his best advice and guidance on how to pay off existing debts and increase your savings and overall financial stability. If you’re looking for a book that will give clear-cut advice, this is an excellent option. Ramsey is straight-talking and his advice is results-driven, meaning it is based on personal knowledge and experience gained through years of research in this field, plus his own personal experience getting out of debt. He quickly dispels common money misconceptions and what he refers to as ‘pie-in-the-sky fantasies’ surrounding finances and debts.
As well as the bestselling book, Ramsey has also released a conjunctive workbook, which should be used alongside The Total Money Makeover. The workbook gives readers a structured place to devise effective financial plans, specifically targeted at reducing debts quickly and sustainably.
2. How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis
In How to Get Out of Debt… Jerrold Mundis recognizes that the fear of falling into debt can be a constant area of concern in most people’s lives. He states that almost sixty million American’s live with some kind of debt, and puts his readers at ease by assuring them there is an accessible route out of this endless anxiety-inducing cycle of falling in and out of debt.
Mundis lays out a step-by-step guide to get you out of the red and into the black. He shows his readers how to recognize the warning signs when it comes to serious debts; how to negotiate with creditors and collection agencies; and the three cardinal rules for ridding yourself of all of your debts and remaining debt-free forever.
As well as this, Mundis encourages his readers to use his guidance to assess their own spending habits and blind spots, allowing them to devise an effective payback schedule and reduce the stress and pressure that long-term debts can cause.
Mundis is a successful writer, having written more than thirty books throughout his career as well as numerous articles and essays. His engaging and informative writing style leaves him well-equipped to relate to his readers and makes debt reduction appear much more accessible and realistic than many people initially believe it to be. This is a great beginner’s guide to reducing debts.
3. Solve Your Money Troubles: Strategies to Get Out of Debt and Stay That Way by Amy Loftsgordon and Cara O’Neill
Amy Loftsgordon and Cara O’Neill are both attorneys with extensive combined experience in bankruptcy, foreclosure, and debtor’s rights. Between them, they have written a number of books based on these subjects and have helped a huge amount of Americans to reduce their debts and fight for their rights when it comes to debt collection.
In Solve Your Money Troubles, Loftsgordon and O’Neill offer solutions to the many struggles that come along with overhanging debts. They teach their readers how to stop harassment from debt collectors, negotiate lower debt payback, reduce student loan payments, and devise a realistic, sustainable financial plan.
Given their professional experiences working in law, both Loftsgordon and O’Neill are highly qualified to provide extremely useful legal advice that might be helpful to those with mounting debts. They also provide practical tools and sample letters to make dealing with creditors or lenders much easier and less intimidating. The book has been recently updated to include all of the relevant up-to-date legal information and is extremely interesting and informative.
This is an especially important read if your debts are leading to excessive stress or if you find yourself in a legal situation that you feel unequipped to handle alone.
4. Getting Out of Debt by Michael Steven
Michael Steven’s Getting Out of Debt achieves exactly what it sets out to. Steven gives concise guidance based on small steps that will allow you to reduce your debts and get well on your way to financial freedom.
Steven recognizes that it can be near enough impossible to envision a life without debts when they have been weighing you down for so long and you feel like you’re constantly just trying to keep your head above water. But he also understands that while it can seem like an insurmountable task, it is always better to get started on reducing your debts and controlling your finances sooner rather than later.
In Getting Out of Debt, Steven urges his readers to implement his realistic and accessible advice and take control of their personal finances. He lays out information on how to identify and tackle the damaging mindsets and outlooks that can lead to growing debts and gives an easy-to-follow guide on how to face these head-on. He claims that by following his guidance, you could save an additional $200 each month and gives expert advice on paying off your debts.
If you’re living with debts and recognize that your skeptical mindset may be standing in the way of you finally paying these off, this is an excellent starting point for ridding yourself of this burden.
5. The Richest Man in Babylon by George S. Clason
Throughout history, many have turned to the famous Babylonian Parables for guidance in all areas of finance such as planning, saving and personal wealth. George Clason’s The Richest Man in Babylon has been hailed as a modern-day classic and is one of the most successful financial books of the 20th century.
Clason’s bestseller was originally written and published in the 1920s. Clason was a successful businessman and in the early part of his career, he founded the Clason Map Company of Denver, through which he produced the first-ever road atlas of the United States. Clason went on to produce a number of pamphlets on finance, each of which was based on the ancient Babylonian parables. These pamphlets were eventually compiled to create his seminal book: The Richest Man in Babylon, named after his most famous pamphlet.
The book is both philosophical and inspirational. Though written almost a century ago, the advice and approach still stand today and there is still much to be learned from Clason’s advice.
If you’re looking for a financial book that will allow you to reduce your debts, while also giving you a glimpse of a significant period in history and the ancient philosophies that could transform your mindset and financial situation, this is an insightful, engaging, and effective piece of literature.
6. Zero Debt: The Ultimate Guide to Financial Freedom by Lynnette Khalfani-Cox
Zero Debt shows readers how to pay off credit cards, eliminate student loans, spend and budget more effectively, negotiate with credit card companies, and gives extensive information on finding reputable debt-management firms and credit counselors who can assist you in reducing your debts once and for all. Lynnette Khalfani-Cox also lays out your legal rights, enabling you to stand up for yourself against debt collectors by giving you a good understanding of exactly what they are and are not allowed to do by law.
Khalfani-Cox states that by following the advice laid out in Zero Debt, you can gain solid control of your finances and get yourself out of debt without fear of falling back into the old habits and mistakes that led you there in the first place.
Also known as The Money Coach, Lynnette Khalfani-Cox is an expert in personal finance and reducing debts. Having used the advice set out in Zero Debt herself after finding herself in mounting debts, Khalfani-Cox knows all too well how important it is to take the necessary steps to gain more financial control and freedom. She is a well-known name within personal finance and has carved an impressive career and repertoire for herself by helping millions learn about proper, effective money management.
If you’re looking for advice that is straight-to-the-point and highly effective, Zero Debt is an excellent read.
7. The ABCs of Getting Out of Debt by Garrett Sutton
In The ABCs of Getting Out of Debt, Garrett Sutton shows his readers how to turn bad debt into good debt and bad credit into good credit. But what is good debt? Is there such a thing? Well, according to Sutton – yes, there is.
Sutton is A Rich Dad’s Advisor. The Rich Dad Advisors are a team of experienced entrepreneurs assembled originally by Robert Kiyosaki, author of Rich Dad Poor Dad. Kiyosaki claims that the wealthy often use debt to become richer, while those who are less financially intelligent allow bad debt to ruin their lives and financial stability. This is an ethos adopted by Sutton in The ABCs of Getting Out of Debt.
Sutton writes about the strategies that should be utilized to get out of debt and takes a look at the psychological and physical health implications that excessive debts can have on an individual. He goes on to explain to the reader how they can beat the lenders at their own game; learning to repair their own credit score and deal with debt collectors effectively. The aim of the book is to provide readers with all of the necessary information to achieve good credit and rid themselves of debts.
This book is uplifting in many ways and gives an optimistic and hopeful look at finances and debt reduction.
8. Getting Out of Debt Joyfully by Simone Milasas
Often readers find it easier to engage with a financial book if the author has real-world experience of what it means to struggle financially with excessive debts and monetary strain. That is exactly what Simone Milasas offers in her book Getting Out of Debt Joyfully.
Milasas found herself with debts upward of $180,000 and knew she needed to make a change if she were to ever regain control of her finances and experience real financial freedom. She implemented a number of lifestyle changes into her daily routine and within two years she was completely debt-free.
Getting Out of Debt Joyfully details the methods and tools that Milasas used to eliminate her own debts, and gives readers advice on how they too can use this guidance to free themselves from debt. The book is not based on quick-fixes or get-rich-quick schemes. Milasas aims to enable the reader to change their entire outlook and philosophy when it comes to money. She shows readers how to generate multiple streams of revenue and earn more than they ever thought possible.
Much like the aforementioned The ABCs of Getting Out of Debt by Garrett Sutton, Simone Milasas’ Getting Out of Debt Joyfully is both uplifting and inspiring. Her own personal experience is drawn upon to show that it is absolutely possible to rid yourself of debts and achieve true financial freedom.
Using These Books to Rid Yourself of Your Own Debts
Reading about personal finance and the guidance and advice of others who have extensive expertise in this area is a great way of not only increasing your own knowledge around this subject and better equipping yourself to manage your own finances, but also to inspire yourself to make incremental changes to your daily life and financial habits, and possibly change your life in the long run.
If you’re living with overhanging debts and want to change this and live a more financially free and stable life, these books are likely to offer some extremely useful insights into how you could go about this.