Considering that the potential harm of overuse of debt includes things like eviction, bankruptcy, foreclosure, and homelessness, how can refusal to have debt be just as harmful?
I am guessing you mean that it is harmful to tell someone not to borrow to invest. Because they could be driving a nicer car, or living in a bigger house? I don't think having more savings at retirement is a potential outcome because the people who are struggling with this do not have their behavior in check to be able to even entertain the idea of borrowing to invest. Or, if they do, they don't understand the risk. Mathematically, it only makes sense if you don't account for risk. Their default is borrowing, which begets overspending, and therefore they are far less likely to have the disposable income to invest.
I don't hesitate to recommend Dave's books/show/message to anyone seeking financial advice. People like you are clever enough to not need his advice, so, don't listen to it. People like me take it with a grain of salt. I haven't cut up my credit cards or tithed (nor will I ever), but I have paid off all our household's debt and will be very hesitant to ever take on more debt, save for a mortgage.
As a result, we have saved and invested at a rate far greater than what we did before paying off our debt. It's a mindset/behavior change for most people.
