Financial advice guru Dave Ramsey is fond of the phrase, "Debt is Dumb." Now, while Dave likes to grab a person's attention with what he says, the truth is that debt is not just dumb, it's crippling.
Earlier this week, I saw a national report that said Missouri's 2009 college graduates left with degrees and an average debt load of $21,360. Own that number for a moment. That means that by the time these young adults set out to begin their careers, they're doing so with both feet, their knees and their hips in the ground.
Having used student loans a couple of times during my time in college, I know it is way too easy for a student to get a loan. Sure, students need a way to pay for college, but it is too easy to just sign on the dotted line, and get your check for tuition, books, supplies, etc. When you are a young adult, you don't fully understand that you are essentially signing away several years of your life trying to pay that loan back.
What this number also tells me is that there are too many parents out there that either cannot provide for their children's higher learning, or didn't plan ahead by saving for those expensive years.
Pulling a page from the Dave Ramsey book, college students should avoid debt at all costs. Work your way through college, even if it means that it will take you longer to graduate. It's far better to stay an extra year or two in school, and leave with no debt and a bright future.
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