Debt is a part of our lives as it is used to finance education, purchase a home or pay for a fabulous pair of pants on sale.
Whether it’s student loans, credit cards, payday loans, or auto payments, debt is all around us and it’s important that we understand how to relate to debt and strategies to pay it off.
As a strong proponent of financial literacy, I want to share with you some of the best books about getting out of debt.
It’s also critical to know how to use debt and not allow it to take over our finances. In fact, many people worry about their finances because they are heavily in debt and feel stifled. They are also looking for solutions and a way to get out of this situation.
These books helped me in my own debt repayment journey and I believe they will provide the same insights and tactics for you to pay off debt as well.
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Table of Contents
7 Steps To Get Out Of Debt and Build Wealth
Zero Debt: The Ultimate Guide to Financial Freedom 3rd Edition
The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
Debt-Free Graduate, The – How to Survive College or University Without Going Broke
Broke Millennial: Stop Scraping By and Get Your Financial Life Together (Broke Millennial Series)
7 Steps To Get Out Of Debt and Build Wealth by Adeola Omole
If you’re looking for an excellent book that will walk you through how to pay off debt quickly. Well, this is the book that will help you on this journey.
Seven Steps to Get Out of Debt and Build Wealth by Adeola Omole is one of the best books I’ve seen and read that shows you exactly how to pay off debt. The premise of this book is centered around how Omole was able to pay off over $390,000 of debt and build a seven-figure net worth in around four or five years.
She was able to pay down debt, using her supercharged financial strategy and also build wealth by investing in real estate and investing in the stock market.
This is one of the best books about debt because it’s not only focused on paying off debt but also it gives you a plan for after you’ve paid off the debt. This book is worth it and Omole’s story is very inspirational and will motivate you to make strides in your own debt repayment journey.
Zero Debt: The Ultimate Guide to Financial Freedom 3rd Edition by Lynette Khalfani-Cox
Lynette Khalfani-Cox, also known as the “Money Coach” is one of my favorite personal finance experts and personalities. Known for her kindness and intelligence, she has an amazing way of explaining personal finance information in a very simple, articulate way.
In her book, Zero Debt, The Ultimate Guide to Financial Freedom, she breaks down how she was able to pay off $100,000 worth of credit card bills and also reach financial freedom.
Lynette was a financial journalist for many years working with CNBC and MSNBC and she was a contributor on CNN, Oprah, Dr. Oz, and Good Morning America.
What I love about this book, is the fact that she has lots of practical strategies that you can apply right away. Topics such as refinancing, finding additional income, dealing with credit card offers and making a realistic budget.
She talks about why people fall into debt and how to avoid falling into debt in the future. This is an important piece of the equation that oftentimes gets missed and she addresses it quite early in the book. You will enjoy this book and I hope you will apply the principles to fix your debt situation.
The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness by Dave Ramsey
It’s no secret that Dave Ramsey is a powerhouse in the personal finance space and has seen great success in helping people pay down debt and build wealth.
The book builds on his 7 baby steps, and walks you through a proven plan that will help you to not only pay off debt but also build a financial plan that will be solid to ensure that you are able to remain debt-free.
Dave Ramsey’s approach to debt is very simple – get out of debt and stay out of debt. While this might be tough, especially in an environment where consumption is just a part of the culture, Dave Ramsey’s approach is blunt but achievable and has led to many inspiring success stories.
This book is very matter of fact, it cuts straight to the point and also gives you a step by step guide that you can follow quite easily.
Debt-Free Graduate, The – How to Survive College or University Without Going Broke by Murray Baker
The debt-free graduate by Murray Baker was a book that I used when I was in business school and in credit card debt.
The practical tips helped me to pay off debt and also be conscious of my spending as a university student. What I love about the book is that it covers several areas and offers great advice on how to manage your expenses and income.
This is a book that is perfect for anyone who is currently a university student or even a working professional with any sort of debt as it goes into great detail about the different ways you can get through college without racking up lots of debt and also helps you to navigate the day to day life of being a college student.
I highly recommend this book to anyone who is currently in school and who’s also looking to finish school soon. I think it’s a great book to have in your toolkit especially if you are going through this stage of life.
Broke Millennial: Stop Scraping By and Get Your Financial Life Together (Broke Millennial Series) by Erin Lowry
Written by Erin Lowry, Broke Millennial is the first in a series of books aimed at helping millennials navigate the world of personal finance in a simple, digestible way.
It’s one of the best books about getting out of debt because it covers various topics around debt and money management.
In this book, you will not only learn about paying off debt but also about building a solid financial future for your life and for your career.
It was written specifically for younger people who are looking for strategies to build wealth but the principles apply to any age group.
It’s a great read and Erin’s style of writing is captivating, smart and enjoyable. You will be sure to savour her anecdotes while building your financial literacy.
Why These Are the Best Books about Getting Out of Debt
There are many resources in the personal finance space that can teach you how to pay off debt, these are some of my personal favorites as they provide simple, easy-to-understand, and practical steps that anyone can follow.
I enjoyed these books immensely and I hope you will be inspired and motivated to get into action to pay off your debt and live a financially abundant life.
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- How I Paid off $3000 in Credit Card Debt in 3 months
- How to Save Money when you live paycheck to paycheck
- How to Improve Your Finances in 90 Days if you live Paycheck to Paycheck
Which of these books will you be checking out first and why? Let me know in the comments, I am curious to know.
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