Book Review: Getting Out of Debt

One of the best things you can do for yourself is to get out of debt. But, since it’s financial literacy month, I think it’s also worth understanding how debt works. That’s why I found The Complete Idiot’s Guide to Getting Out of Debt so helpful.

Written by Ken Clark, a Certified Financial Planner, Getting Out of Debt offers real world information and help with debt. Using easy-to-understand, real world language — and drawing on personal experiences with debt — Clark takes the reader on an informative journey through the world of debt. The book tackles such concepts as where debt comes from, the different types of debt, cash flow and budgeting.

Getting Out of Debt isn’t just about the history of debt. Clark also helps the reader wake up to his or her possible debt problem, and create an action plan to get rid of debt. The book is full of worksheets and goal setting exercises. Additionally, Clark provides various strategies based on the kind of debt you have. He suggests that you tackle credit card debt differently from student loan debt or mortgage debt. Clark offers help hints and tips at the end of the book for staying out of debt and cultivating responsible money habits.

The books is arranged in an intuitive manner that makes sense and helps the reader progress in a naturally. Throughout the book are factboxes that include tips, warnings, definitions and information about debt in America. In the book, Clark points out that “debt for many becomaes an action, a cycle and a mind-set. Some might even call it a lifestyle.” For those in need of debt help, Getting Out of Debt can be a valuable tool in creating a new lifestyle without the use of debt.

image source: Penguin.com