Being in debt can be stressful, scary and all-encompassing.
But no matter how daunting the numbers look, you don’t have to just sit back and accept your fate. The best thing to do is be proactive and arm yourself with knowledge.
The more you understand about your financial situation, the better placed you’ll be to deal with your debt, reduce the amount you owe and stop yourself from getting into more debt in the future.
One way to get on top of all the confusing figures is to throw yourself into reading. There are plenty of brilliant, accessible books out there that cover all kinds of debt and financial difficulties – and they could be the perfect starting point.
Here are some of our favourite recommendations to help you manage your debt:
Debt: The First 5000 Years
This international bestseller and award-winning study presents a sweeping history of debt, even showing that debt existed long before humanity even had money.
David Graeber, an anthropologist at the London School of Economics, and one of the organisers of Occupy Wall Street, argues that our current ideas about money are limited, if not completely wrong.
He says society has always been divided into debtors and creditors, and debt and forgiveness have been at the centre of political debate long before money existed. Graeber shows how we are still fighting these battles today.
While this may not provide practical advice for your personal money woes, it could help to give you a wider understanding of the global picture of money, wealth and debt.
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously
Well, the title of this one is promising.
Written by a recovered debtor, this book provides a step-by-step guide to getting out of debt once and for all.
Including how to recognise the warning signs of serious debt, how to design a realistic and painless payback schedule and how to identify your spending blind spots.
The only thing to remember is that it’s an American book – so some of the intricacies about the financial systems may not be relevant here, but most of the principals are universal.
The No Spend Year: How you can spend less and live more
This book follows personal finance journalist, Michelle McGagh as she challenges herself to not spend money for an entire year.
It sounds like an insurmountable task, but it could teach you invaluable lessons about how to save money and how to cut down on unnecessary spending.
In the book, Michelle finds creative ways to live, have a social life and travel for free. She also changes her relationship with money for the better.
The Meaningful Money Handbook
Written by personal finance expert Pete Matthew, this guide claims to provide you with everything you need to know and everything you need to do to build a secure financial future for yourself and your family.
That includes lessons on how to get out of debt as quickly as possible, techniques for good financial control, so you can avoid getting into debt again, and how to save and invest simply and efficiently.
The whole point of this book is to provide simplicity and clarity, so it cuts out a lot of the complicated jargon that you just don’t need to know.
The DIY Investor: How to get started in investing and plan for a financially secure future
Investing expert Andy Bell is unpicking the intimidating world of investing with his expert tips on how to get started, which could provide an opportunity to save money and get out of debt.
Andy explains how to build a long-term investment portfolio using a range of low-cost, tax-efficient strategies.
But it is important to remember that investing comes with risk, and isn’t always the right option for everyone – particularly if you already have significant debt.
Spare Change: How to Save More, Budget and be Happy with Your Finances
This handy guide by Iona Bain basically covers all your bases. It’s an accessible, easy-to-read guide that aims to help you build a more fulfilling relationship with money.
Bain helps readers explore their personal relationship with money, then create an action plan, tailored to their individual needs.
If you’re in debt, this book will look at compulsive spending and difficulties with creating a budget – to help improve your financial literacy.
Debt Advice Handbook
This is a seriously comprehensive guide to all things money in England and Wales.
Yes, it looks like a textbook from your uni days, and we can’t promise you loads of laughs, but we can promise you loads of useful information.
It covers topics like prioritising debts; preparing financial statements; negotiating with creditors; and choosing the most effective strategy.
Mrs Moneypenny’s Financial Advice for Independent Women
Legendary FT columnist, Mrs Moneypenny focuses on women in this funny and useful guide.
Moneypenny takes a critical look at the hurdles women face when it comes to financial independence, and offers sage advice on how to get over them.
With tips on increasing your income, cutting your bills, starting a business and saving a pension, she provides practical ways to think about your money and take control of your finances.
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