Five best books on debt management 

Tolu Frimpong shares five books that could be the game-changers you need if you want to get out of debt.

When I began my debt-free journey, I was overwhelmed. I had accumulated over £36,000 in debt and felt completely lost.

It wasn’t until I read The Total Money Makeover by Dave Ramsey that I started to see a way out. This book didn’t just give me practical advice, it changed my entire mindset about money.

Through a combination of determination and Ramsey’s guidance, I finally paid off my debt.

If you’re in a similar situation, these five books could be the game-changers you need. 

1. The Total Money Makeover by Dave Ramsey 

This book is my personal favourite because it played a crucial role in helping me pay off my debt. Ramsey’s no-nonsense approach to personal finance revolves around his seven “baby steps,” which provide a clear and actionable roadmap to financial security.  

These steps begin with saving £1,000 as a starter emergency fund, then focus on paying off all debts using the “debt snowball” method (paying off the smallest debts first to build momentum and motivation).

The plan progresses to building a fully funded emergency fund, investing for retirement, and achieving long-term financial goals like paying off a mortgage and giving generously. Ramsey’s step-by-step framework simplifies the overwhelming process of tackling debt and creating financial stability. 

One of the most impactful lessons I learned was the importance of budgeting. Before reading this book, I believed I had an income problem, but I soon realised I had a spending problem. Creating a written budget and sticking to it transformed my finances and my life.  

2. Your Money or Your Life by Vicki Robin 

If you’re looking for a book that delves into the emotional and psychological aspects of debt repayment, this one is a must-read. Robin’s work goes beyond just numbers and budgets; it challenges readers to redefine their relationship with money by recognising it as a representation of life energy.

The book provides a framework for evaluating expenses based on how much time and effort they cost you, empowering readers to make more intentional financial choices. By aligning spending with personal values, Robin helps readers find greater fulfilment while working toward financial independence. 

One key takeaway for me was the “Life Energy” concept, where you calculate the time spent earning money versus the fulfilment it brings. This mindset shift made me reconsider impulsive spending and focus on things that bring me value while clearing debt. 

3. How to Be Debt Free by Avery Breyer 

Avery Breyer’s book is a step-by-step guide tailored for people looking to eliminate different types of debt, from credit cards to mortgages. What I loved about this book is its simplicity and practicality. Breyer provides clear instructions for creating a repayment plan and avoiding common pitfalls that can lead to more debt. 

A key lesson I applied was the advice on identifying and tackling high-interest debt first. By focusing on the debts costing me the most in interest, I saw quicker progress and saved money in the long run. Breyer’s actionable steps helped me stay organised and focused on the bigger picture. 

4. The Meaningful Money Handbook by Pete Matthew 

Pete Matthew offers an accessible and UK-focused guide to managing money, which includes practical strategies for tackling debt.

The book’s clear, jargon-free language makes it easy to understand and implement the steps outlined for creating a budget, prioritising repayments, and building financial resilience. 

One lesson that resonated with me was the importance of “paying yourself first” while working toward debt freedom.

Matthew encourages setting aside even a small amount to build a safety net, which I found essential for avoiding future debt when unexpected expenses arose. This approach gave me peace of mind and helped me stay on track. 

5. The Simple Path to Wealth by JL Collins 

While not exclusively focused on debt repayment, JL Collins’ book provides a straightforward and practical approach to achieving financial independence, starting with clearing debt.

Collins emphasises the importance of managing debt as the first step to wealth building and explains how to avoid financial traps that lead to more borrowing. 

One takeaway I applied was the concept of avoiding lifestyle inflation. As I began to pay off debts, I resisted the urge to increase my spending, redirecting those funds toward savings and debt overpayments instead.

This discipline not only helped me quickly achieve debt-freedom, but also set the stage for long-term financial stability. 

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