Being heavily in debt is absolutely frightening. Often, debtors are unaware of their legal rights and feel as though there is nowhere to turn. Sadly, due to the double-digit, credit card interest rates that are common these days, people find it next to impossible to dig their way out of debt. Also, many people are saddled with medical bills and student loan debt. It saps a person’s ability to carry on with a normal life, such as marrying or buying a home.
At Keel Associates, a firm that specializes in helping people overcome debt problems, we realize that people will need our services as well as some good books for both moral support and legal advice. The following are some of our favorites.
“Solve Your Money Troubles: Strategies to Get Out of Debt and Stay That Way” – Seventeenth Edition by Amy Loftsgordon and Cara O’Neill
We are big fans of Nolo Press. They don’t come up much in the New York Times Best Seller List, but they are a company that specializes in showing average people how to defend themselves legally. Their books are often longer and usually are filled with sample letters and legal briefs. Also, you have access to the updated information online when the laws change. This one is no exception.
The book is almost 400 pages in length and includes sample letters to creditors and budgeting worksheets. Online additional information includes podcasts and financial calculators. This book will help you wherever you are in your debt issue, such as:
- Dealing with collectors
- Prioritizing debts
- Negotiating with creditors
- Dealing with foreclosures, garnishments and repossessions
- Reducing student loan monthly payments
- Responding to lawsuits by creditors
- Rebuilding your credit
- Weighing bankruptcy as an option
The 17th edition has added information about the new student loan payment options, new foreclosure prevention options and updated information on debts and individual states. The book costs less than $20 on Amazon!
“Your Money or Your Life” by Joe Dominguez and Vicki Robin
According to U.S. News, if you are looking for more of an inspirational book, Dominguez and Robin help you change your thinking and really examine if your current spending habits support the life you prefer. The goal of the book is not to turn you into the world’s most severe penny-pincher. Rather, the book is to help you determine if your spending is leading to the lifestyle and goals that really feel nurturing, life enhancing and bring you personal joy.
“The Total Money Makeover” by Dave Ramsey
According to NerdWallet, if you are looking for a book that is both motivational and provides you the all of the steps to move successfully through debt repayment, Ramsey’s book is worth a look.
“Switch” by Chip and Dan Heath
U.S. News suggests that Switch is a good book for someone who has a behavioral issue with impulsive spending. The Heaths help people figure out what portions of their thinking support positive behavioral change and what parts do not. For example, maybe rationally you realize you should not spend so much money at the mall or on Amazon, but spending has been filling an emotional vacuum in your life. The Heaths teach people how to align the emotional and rational thinking into supporting your financial goals.
As you can see, books on debt relief can help you focus upon the legal issues, the psychological issues or the actual steps in paying off debt. At Keel Associates, we are also here to help you with your debt problems. Call us today with any questions you have