Dave Ramsey: Debt Borrower Slave
on Sunday, June 4, 2023Meaning of Dave Ramsey Money Quote: saying debt makes banks richer, not borrowers, who are slaves to banks. Dave Ramsey said:
“Debt is not a tool; it is a method to make banks wealthy, not you. The borrower truly is slave to the lender” — Dave Ramsey
Share the Dave Ramsey Money quote image above on your site:
Short Link to this Quote:
The best interpretation of this Dave Ramsey quote is that he believes taking on debt does not empower or benefit the borrower, but rather enriches lenders and banks. By stating debt is “not a tool” and that it makes banks wealthy rather than the borrower, Ramsey is suggesting debt is not a useful financial instrument and does not aid the individual using it.
He implies borrowing only advantages the lender by putting them in a position of power over the borrower as a “slave.” Ramsey appears to be strongly discouraging the use of debt and promoting avoiding it in order to not be financially beholden or controlled by lenders. His view is that debt undermines individuals rather than helping or enabling them.