Summary:
If your debt-to-income ratio exceeds 40%, or if you’re frequently worried about making monthly payments, professional debt relief might be a more effective solution than attempting to manage debt through self-help books alone.
Regular stress about debt and dealing with creditor calls can be mitigated by working with a certified debt consultant, who can negotiate with creditors to potentially settle your debts for less than what you owe.
Books like “Your Money or Your Life,” “Nudge,” “I Will Teach You to Be Rich,” “The Millionaire Next Door,” and “Money Rules” offer valuable insights and practical advice for managing and overcoming debt.
CreditAssociates® provides specialized services in debt settlement, aiming to resolve debts more quickly and for less than the full amount owed.
It’s no secret that getting out of debt can be difficult—but you don’t have to do it alone. In fact, there’s an entire industry of experts who have dedicated their lives to helping folks like you get out from under the weight of owed money. And many of those experts have written books! In this post, we’ll share some of the best “get out of debt” books. These are books that have helped thousands of people find financial freedom, and they’re all full of lots of actionable advice and ideas, so you can start becoming debt free ASAP. Additionally, you’ll find that many of these books are versatile and offer advice that is applicable whether you’re dealing with small, or large amounts of debt.
But first, you may be wondering: “Can I really read my way out of debt?” That depends on your situation, below we’ve prepared a few questions to help you decide:
Q: Is your debt-to-income ratio more than 40%?
A: To find out, add up your monthly debt payments, then divide that number by your monthly income. Around 40% is typically the threshold for when debt becomes harder to keep up with. At 40%, your debt can also begin to negatively impact your credit score. If you’re at 40% or above, reading books about debt relief will only go so far, it may be time to consider professional debt relief.
Q: Do you worry about your debt, or whether you’ll be able to make your monthly payments?
A: If you’re feeling overwhelmed by the amount of debt you’re carrying, we recommend working with a certified debt consultant. Working with a professional could help you become debt-free faster, and for less than you owe. In the long run, this will save you time, money, and stress.
Q: Are you currently late on a payment? Are you receiving calls from creditors?
A: Don’t panic. You have options. Dealing with creditors can be tricky, but debt relief companies, like CreditAssociates specialize in these types of situations. We can even negotiate with your creditors to help resolve your debt for less than you owe.
If you answered “yes” to any of the questions above, professional debt relief might be a quicker and more effective option for you than reading “get out of debt” books. CreditAssociates specializes in debt settlement, and we’ve helped thousands of people just like you become debt-free for less than they owe. Our certified debt specialists would be happy to walk you through our process—and at no risk to you! We’ll provide a free, no-commitment debt evaluation to see if we’re a good fit for you. We’ll also give you a customized plan that could help resolve your debt in as little as 24-36 months, giving you the financial freedom you deserve. Fill out our online form or give us a call today: 1-866-921-5344.
If the situations described above don’t apply to you, then here’s our list of great books to help you get out of debt.
1. Your Money or Your Life by Joseph R. Dominguez, Monique Tilford and Vicki Robin
This uplifting book approaches debt and other financial issues from a positive standpoint of “freedom and fulfillment.” The authors believe our choices about money “express the meaning and purpose of our time on Earth.”
2. Nudge: Improving Decisions About Health, Wealth, and Happiness by Richard Thaler
This entertaining and approachable book by Nobel Prize winning behavioral economist Richard Thaler explains the rationale behind why people go into debt. Sometimes, knowing why you do something is enough to change that behavior.
3. I Will Teach You to Be Rich by Ramit Sethi
The title says it all. In this bestseller, Sethi—a well-regarded personal finance guru—takes readers through the ins and outs of financial health, with sections on saving, banking, credit cards,and of course, debt.
4. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley
In writing this book—which became one of the biggest financial bestsellers of all time—Stanley interviewed many, many millionaires to discover the seven traits they share.
5. Money Rules by Jean Chatzky
Many of the books on our list can be a bit philosophical in nature, but this one is as nitty-gritty as it gets. Chatzy’s bestseller is a sort of workbook, offering actionable steps for anyone who doesn’t know how to begin tackling their debt.
If you’re still interested in tackling your debt yourself, here are a few lists to check out: