Did you know that approximately 80% of Americans have some form of debt? According to the Pew Charitable Trusts 8 of every 10 Americans are in debt, whether that’s from mortgages, student loans, credit cards, or somewhere else. However, this list of the best books for getting out of debt can help you overcome your own debt.
If you have debt, you probably know that saving money can be hard. Even if you know that you’ll be better off by paying your debt sooner, it isn’t easy to get started.
This post is a collection of the best books for getting out of debt; no matter what kind of debt you have. Are you ready for a motivational boost and a lot of really helpful debt-saving information? In that case, these books will give you just that!
This post contains affiliate links, which means I’ll receive a commission if you purchase through my link, at no extra cost to you. Full disclosure here.
The Best Books for Getting Out of Debt and Why You Should Read Them
Why is getting out of debt so important?
You may wonder why debt is such a big deal. After all, if so many Americans have debt, it can’t be that bad, right? Actually, depending on how much debt you have and what the interest rates are, you could be paying thousands of dollars toward debt every month.
This really ads up! Plus, the longer you spend paying off your debt, the more interest you’ll owe.
I used to roll my eyes at my mom when she would lecture me about how dangerous debt can be. However, now that I have my own student loans and credit cards, I understand just how important it is to stay on top of payments and knock out loans as quickly as possible.
The truth is, you have a lot more financial freedom when you don’t have to make debt payments. The weight of all you owe can hang over your head until you pay it. Therefore, the sooner you pay off debt, the sooner you can save for other things and truly enjoy the money you make.
What are some ways to motivate yourself to get out of debt?
I know from experience that it can be hard to prioritize loans, especially when it comes to focusing on paying off your debt. Here are some tricks for staying motivated when it comes to getting out of debt.
Learn More About Debt
One way to get and stay motivated is to learn more about debt. One great way to do that? Reading the best books for getting out of debt that I’ll talk about more in the next section.
Reading books by experts is a great way to learn about why paying off your debt matters, how you can speed up your debt payments, and how to avoid large debt in the future.
Try a Money Savings Challenge
Another way to get motivated toward paying off debt is to try a money saving challenge. After completing the challenge, you can put all the savings directly into debt payments.
You’ll be amazed how much of a dent you can put in your debt with just a month of intentional savings!
Get Some Accountability
Saving money, like many important tasks of adulthood, is easier if you aren’t alone. If you have a friend or family member with similar debt, you can team up as accountability partners.
You don’t need to have the exact same amount of debt or even the same goals. As long as you each are saving for a specific goal, you can check in on each other’s progress. In the same vein, you can send motivational reminders to keep chipping away at that debt!
Focus on Your Goals
Finally, one great way to focus on getting out of debt is to, well, stay focused! You’ll never be able to get out of debt quickly if you don’t really care. That is to say, you need to remind yourself daily why you want to get out of debt.
If you’re having a hard time staying focused, you can set rewards for yourself along the way. Put sticky notes around your office encouraging yourself to look at the big picture and achieve long-term results. Above all, you need to avoid getting stuck in the trap of instant gratification.
What are the best books for getting out of debt?
Now that you’re excited about getting out of debt and ready to motivate yourself, here are some of the best books for getting out of debt. These books all have unique focuses and audiences, with different focus-areas and goals. You should have no trouble finding one or two that fit your needs!
The Total Money Makeover – Dave Ramsey
If you’ve been following Little House on the Terrace for long, you’ve probably heard me talk about Dave Ramsey. That’s because he’s one of the most influential finance writers in America. The Total Money Makeover is his best-selling book.
There are a lot of reasons this is included in my list of best budgeting books. Ramsey details a seven-step plan toward getting out of debt and subsequently changing the way you think about money. It is practical and effective.
This book is easy to read and filled with real-life stories from people who changed the way they spend money. It’s incredibly motivational and might be just what you need to be inspired to start your own money makeover.
Nudge: Improving Decisions About Health, Wealth, and Happiness – Richard Thaler and Cass Sunstein
Nudge is a book that’s all about the things that influence our choices. It’s less personalized than many of the books on this list, and more about the big picture ways that our choices are influenced by society.
That being said, it does touch on how the choices we make affect our lives. Thaler and Sunstein help you think about the biases that you have when making money decisions.
Written by a Nobel Prize winner, Nudge will help you step back and really think about your motivations so you can then make good decisions, first financial and otherwise.
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously – Jerrold Mundis
If you are currently fighting debt or feel like you are in over your head, this book is a great place to start. Jerrold Mundis borrows from Debtors Anonymous and compiles them, along with other research, into this easy to read book.
Mundis outlines ways to get out of debt in clear, straightforward, but encouraging ways. Furthermore, he also gives tips on how to stay out of debt moving forward.
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously is on this list because it is one of his best books for getting out of debt, but Mundis has several other great financial books too.
Dear Debt – Melanie Lockert
This fun book is written as a letter to debt. If you’re relatively new to the world of finance and feel intimidated by debt-saving books, Dear Debt is a great place to start. The book has doses of humor while giving you the basics of how to get out of debt.
Melanie Lockert writes about her journey paying off student loans. This book might not be the best option if you have a family or several different kinds of debt and expenses. However, it can be really helpful for young adults who are trying to pay off student debt as quickly as possible!
Your Best Year Ever – Michael Hyatt
Michael Hyatt is another author with several great personal finance books. Your Best Year Ever, for example, is based on a yearly program he designed to help people plan ahead and set themselves up for success.
Your Best Year Ever details a five-step plan for setting goals, taking steps to prevent quitting, and staying motivated to pay off debts and start saving money. In short, this book is all about setting goals and then doing what you need to reach them!
Plus, you can supplement your reading by taking the online course and really diving in to a debt-saving plan that could change your life.
Your Money or Your Life – Joseph R. Dominguez, Vicki Robin, and Monique Tilford
Your Money or Your Life is a book that forces you to stop and really think about the way you’re approaching debt, savings, and money in general. This book encourages you to focus on living well without excessive spending. Furthermore, it shows you how to save for the future in practical, achievable ways.
I will say that the book does not have the best writing. Some parts might make you cringe as they are very redundant and overly motivational. However, the principles in the book are worth the read!
The book is organized into a nine-step plan that will change the way you think about money and the ways you spend. Some readers have confessed to dramatic life changes after finishing this book, so maybe you could change your life similarly, too?
Broke Millennial: Stop Scraping by and Get Your Financial Life Together – Erin Lowry
Broke Millennial is definitely a book for a target audience, so it’s okay if it’s not in your wheelhouse. However, for recent college graduates who are still trying to figure out the most important aspects of finances, this can be a really helpful starting point.
Erin Lowry gives examples from her own journey, tips for getting away from a paycheck-to-paycheck life, and explanations of some common financial areas that can feel intimidating at first, for example a 401k and the stock market.
It’s an easy read that touches on some of the unhealthy financial habits of many young millennials and presents realistic ways to overcome them.
Overcoming Underearning – Barbara Stanny
Barbara Stanny’s book Overcoming Underearning comes with exercises and worksheets to help you really think through the content of the book. The goal of this book is to change the way you think about money and earnings.
Stanny shows the many ways that we ‘underearn’ and settle for less instead of pushing ourselves to our full potential and earning what we deserve. To summarize, it’s about not settling. Moreover, it’s about learning to value your time, which will also help you value the money you earn.
Zero Debt: The Ultimate Guide To Financial Freedom – Lynnette Khalfani-Cox
Lynnette Khalfani-Cox writes about her own debt experience in this easy to read book geared toward people who have large sums of debt that need to be paid off.
Zero Debt is great because it comes with an actionable plan for setting yourself up for success and getting out of debt. It provides a thirty-day plan with just one step you need to take every day.
By the end of one month, you could see your financial situation already turning around for the better. This book encourages intentional change while giving you easy to understand information. For instance, it talks about credit reports, interest rates, and debt collectors.
Financial Recovery – Karen McCall
This final book on the list is written by a financial counselor for a wide audience. Karen McCall has worked with people from all stages in life and at different income points with varying amounts of debt.
Her book is written for anyone who has struggled with their relationship with money. It helps you look at problem aspects and find ways to improve your relationship with your finances and really change the way you spend your money.
McCall talks about common self-defeating behaviors and how to fix them, so you can get out of debt and drastically improve your financial situation.
Final Thoughts
These are some of the best books for getting out of debt. Reading even just one or two of these books can put you on the path toward financial success. Don’t let debt control your life. Instead, let these books motivate you toward controlling your debt and moving toward a new financial future.
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