I agree 100% with Ramsey in terms of financing one's consumption (housing, transportation, entertainment).
He is wrong, however, to dismiss borrowing for investment with as broad a brush as he does. The vast majority of personal wealth creation in this country is kicked off with prudent borrowing, including mortgages on homes, loans to open up a business, or borrowing the tuition to attend a top-tier business school or some other well-paying professional school.
I know he wants to prevent people from making mistakes, but I think if he acknowledged the constructive role of prudent investment debt, he'd be much more effective in persuading people to avoid BAD investments (overpriced real estate, heavy borrowing to pay for undergraduate degrees or unremunerative graduate degrees, fly-by-night franchise scams).
True..., but having listened to his program and the callers he deals with, I think he is correct to keep his advice as simple as possible. Frankly, he is not not a "Guru" for those who already know how to budget and when to prudently borrow for investment purposes.