This post is part of our Summer Reading series!
If you’re in debt, chances are you feel like you’re fighting an uphill battle.
No matter how many payments you make, you can’t seem to make a dent.
Your progress is moving at super sloth speeds.
I know how it feels. I’ve been paying off my student loans for the past five years (oh man, that was painful to write!), and all I can focus on is the fact that I’m at least moving in the right direction.
Some of you may feel a bit more lost. Maybe you have more debt to tackle than just student loans. Maybe you’re not sure how to pay off your debt, or maybe you just don’t have enough income to gain momentum.
Whatever the road block may be, the following books will help you pay off debt for good.
1) Hustle Away Debt
Of course, we have to start this list with DC’s new book, Hustle Away Debt. DC has a great take on the situation, and if you’re a frequent reader of Young Adult Money, you’ll recognize it instantly.
Instead of focusing on cutting back your spending to free up money to pay off your debt, focus on earning more instead.
It provides you with the biggest return because your earning capacity is much greater. You can only cut so much from your budget.
DC shows you exactly how to hustle away your debt by providing strategies that will get you started with earning money on the side. It’s perfect for beginners who aren’t sure how to go about establishing a side hustle. You’ll get a ton of ideas from this book – DC has tried a variety of different hustles!
Not only that, but I’ve seen many fellow bloggers pay down their loans with money generated from side hustles only. If you’re able to live off the income from your day job, then just think about the progress you’d make by dedicating all your side hustle money to debt!
This book is for…anyone who has run up against a wall in their debt payoff progress due to low income. While it’s geared toward millennials, I think plenty of people can benefit from this strategy. Also, if you’re a fan of colors and illustrations, this book is equally visually appealing as it is informative.
2) The Total Money Makeover
We can’t talk about debt payoff strategies without mentioning Dave Ramsey’s book, The Total Money Makeover: A Proven Plan for Financial Fitness.
Ramsey has many, many fans, and for good reason – thousands of people have used the information contained within the book to turn their financial lives around.
Ramsey provides seven “baby steps” you can take to work your way out of debt, one day at a time, and also provides suggestions on how to stay out of debt once you’re debt free.
Be aware that he has several strong opinions some disagree with. For example, he’s against credit card usage, and one of the last steps is to pay your mortgage off early.
Just remember that there’s no one right or wrong way to achieve your financial goals. Evaluate your needs and habits and adjust accordingly. You don’t need to blindly follow any advice out there!
This book is for…those who need a step-by-step system to live by while climbing their way out of debt. Ramsey’s plan gives you focus as you aim to complete each step.
3) How to Get Out of Debt, Stay Out of Debt, and Live Prosperously: Based on the Proven Principles and Techniques of Debtors Anonymous
Wow, this one’s a mouthful! How to Get Out of Debt, Stay Out of Debt, and Live Prosperously: Based on the Proven Principles and Techniques of Debtors Anonymous by Jerrold Mundis provides a ton of useful information on how to tackle debt, and as you can see from the title, the focus is largely on staying out of debt and creating a debt-free life.
Also in the title is “Debtors Anonymous,” a program dedicated to helping those with chronic debt problems get out and stay out of debt. While it’s not associated with the book, Mundis has gone through the program and shares the helpful insights he learned.
Not only that, but Mundis offers solutions that worked for him as he used to be thousands of dollars in debt. It’s nice to read personal accounts from people who have been where you are as the material tends to be easier to relate to.
You’ll find budgeting methods and ways to curb your shopping in this book as Mundis addresses the root cause of spending problems and how to manage your money more effectively.
This book is for…those with serious debt problems who lean more toward shopping addictions or compulsive spending. Good for those of any age as it can help you kick start your financial life.
4) The Debt Escape Plan: How to Free Yourself From Credit Card Balances, Boost Your Credit Score, and Live Debt-Free
The Debt Escape Plan is authored by Beverly Harzog, a credit card expert, consumer advocate, and debt coach. While her writing comes from a place of expertise, it also comes from experience.
As Harzog writes on her site, she accumulated $20,000 of credit card debt within a 10 year period, and then paid it off in two years. Impressive! (She also has another book, Confessions of a Credit Junkie, which provides details on how she did it.)
Again, it’s awesome to read debt payoff strategies from people who have actually implemented them and experienced success, and The Debt Escape Plan is no different. Harzog provides actionable tips on paying off debt, maintaining good credit, and does it while being entertaining and conversational (something that’s important when writing about finance!).
What really intrigues me is her “Money Personality Quiz.” She’s a believer in a custom debt payoff plan, and you have to know what type of money manager you are to create one. What’s even better is the free worksheets she provides from the book on her site.
This book is for…anyone struggling to get out of debt with a “traditional” debt payoff strategy. If you haven’t found one that works for you, don’t give up – read this first!
5) Deal with Your Debt: Free Yourself from What You Owe
Liz Weston is the author of Deal with Your Debt: Free Yourself from What You Owe, and if you’re familiar with personal finance, you’re probably familiar with some of her writing already. She’s an award winning finance columnist and she has packed this book with practical information for those seeking a solution to debt.
What I like about this book is that it provides you with realistic debt payoff systems. Weston gives information on which debts you should pay off first, and how different strategies have different impacts on your credit score.
She also tackles the issue of good debt vs. bad debt, and why trying to live completely debt-free might be impractical. Her views on money management are in opposition of Ramsey’s, so if you’re just starting out with paying off debt, it could be a good idea to read both to get a sense of which would work better for you.
This book is for…those looking for a practical, realistic way of managing their debt, who are interested in learning more about the big financial picture and where debt does and doesn’t fit.
One Final Note if You’re Paying Off Debt…
While I believe authors deserve support, if you’re in the middle of paying off debt, or are struggling with it, consider borrowing books from the library (if they’re available) before buying.
I’ve seen quite a few people who are hungry for solutions go through book after book, or program after program, with no end in sight.
You should definitely seek financial education, but not at the risk of your wallet, and there are plenty of free resources available online. All of the books listed above are great in their own ways, but remember that there are core, basic financial principles that you should follow.
After a certain point, reading more isn’t going to help. You need to be committed to taking action. Facing your debt and creating a plan can be scary and stressful, but it’s worth it once you start to see the light at the end of the tunnel.
Here are some of our top posts on strategies that help you pay off debt:
- 30 Ways to Save Each Month
- 50+ Legitimate Ways to Make Extra Money At Home
- 52-Week Money Challenge
- How to Start a Blog that Makes Money
- Why You Should Consider a No-Spend Challenge
- What To Do If You Are In Credit Card Debt
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What are your favorite books on how to pay off debt? Did you personally find any to be life-changing?
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I love the idea of the summer reading series! I’ve read the first two books on the list and they are both very helpful! I’d say the book that changed my financial life is “Rich Christians in an Age of Hunger” by Ron Sider. It’s not specifically about debt, but it puts the average lifestyle in perspective globally, and convinced me to stop recreationally shopping as a college student. It has always influenced me toward responsible spending and giving.
Glad you like the idea, and thanks for sharing that book! It sounds similar to The Millionaire Next Door. I’m all about sensible spending, and charity is something that isn’t discussed enough in the PF world!
Good list Erin! I’ve heard of most of these, and read Ramsey’s book when I was paying off debt and it was relatively helpful. That being said, completely agree with your final point – reading is great, but it’s that change of attitude (and resultant action) that makes the difference. Educating yourself through reading a book is great, but at a certain point action is needed.
Thanks John! You put it well. I love reading (especially educational content), but the knowledge won’t do you any good unless you apply it, and of course, that can be the hardest part!
I have both Dave Ramsey’s book and DC’s book too. I like that DC covers all the various side hustles that exist out there. I also like the automatic millionaire by David Bach.
These other books are cool because I love reading PF books, even if some of the content is similar, there are often unique perspectives or the author’s journey that I enjoy reading about. ^_^
Yes, I totally agree with your last point! I know my own views on money have changed dramatically from when I first started blogging, simply because reading about how other people have managed their money gave me ideas I otherwise wouldn’t have known about.
I listened to Ramsey’s audiobook and loved the intensity. You need to get “gazelle-intense” to tackle large amounts of debt, you can’t just half-a$$ it. Also, the mantra of “live like no one else, so you can live like no one else” really stuck with me and can be helpful when I need a little extra motivation to not spend money or to keep hustling.
I do have to admit that I love that quote! Interesting that you mention the intensity of the audiobook. I hadn’t thought about how listening to these books would effect the message, but I can see how that would be the case!
Thanks for the list Erin – will definitely check them out! Always great to have recommendations.
Great list! I feel like a debt repayment book will do wonders for me now as I’m starting to hit a slump/ lack of motivation even though I’m still making progess. Maybe I can blame it on the nice weather?
An awesome list of books. Some of the titles I never heard before but surely looking forward to pick up from library very soon. Dave Ramsey’s book are real eye opener. I would like to add another book to the list for reference i.e. Richest Man In Babylon by George Clason. I will definitely look through the books you have listed – thank you very much for the info.
Great list! Especially that first one. ;) I love finding new reads, especially when they have the combined benefit of improving my finances!
Good to see DC mentioned with Dave Ramsay here ;)
I still have to read the book (I will) however thanks for sharing these Erin :)! To me a big focus is the richest man in babylon, which has some of those timeless principles
Total Money Makeover was a great read!