Dave Ramsey: Debt Borrower Slave

Meaning 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

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.

Proverbs: Borrower Servant to Lender

Proverbs 22:7 Bible Money Quote saying whoever owes another money debt is a servant to the creditor. Proverbs 22:7 says:
 

 

“The borrower is servant to the lender” — Proverbs 22:7

This Proverbs verse is advising that borrowing money from someone will make you beholden or subservient to the lender in some way. When you owe someone a debt, you are no longer fully independent and independent in your actions and decisions, but must consider the wishes and demands of the creditor.

The verse suggests that borrowing puts you in a position of obligation to the lender, where you may feel compelled to act in a way that pleases them in order to repay the debt. So it cautions against taking on debt or becoming too reliant on loans that could compromise your autonomy and place you under the influence of the lender.

Proverbs: Rich Rule & Borrower Serves

Proverbs, 22:7 Bible Money Quote saying wealth has servants who owe payments on their loans to those with riches which they serve. Proverbs, 22:7 said:
 

 

“The rich is the one that rules over those of little means, and the borrower is servant to the man doing the lending” — Proverbs, 22:7

This verse from Proverbs is conveying two related ideas:

1. It suggests that those who are wealthy have power and influence over those who have few possessions or little wealth. The rich “rule over” the poor in society.
2. It reinforces the message from the previous verse discussion that borrowing places one in a position of subservience or obligation to the lender. As long as any debt is owed, the borrower essentially becomes the “servant” of the creditor they borrowed from.

The verse portrays the imbalance of power between the rich ruler and poor subject, and debtor and creditor. It cautions that borrowing can compromise one’s independence and autonomy if one is beholden to a lender as their creditor. Overall it comments on how wealth and debt affect social and economic relationships of power.

William Shakespeare: Loans Hurt Friendship

William Shakespeare Money Quotation saying in Hamlet that losses on loans come to both parties when they start as friends. William Shakespeare said:
 

 

Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry
– William Shakespeare

In this quote, William Shakespeare is advising against both borrowing and lending money.

His interpretation is that borrowing can result in losing both the money loaned as well as damaging the friendship with the lender if it’s not repaid. Additionally, he suggests that borrowing dulls one’s motivation to be a good steward or “husbandry” of one’s financial resources.

The overall message seems to be that to avoid potential interpersonal issues and remain fiscally prudent, it’s best to neither lend nor borrow money from friends or associates when possible. The quote conveys that involvement with monetary loans can negatively impact both social relationships and one’s money management habits.

#TalkLikeShakespeareDay April 23
Birthday April 23, 1564 – Died April 23, 1616