Debt

“The rich ruleth over the poor, and the borrower is servant to the lender.”

“Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”

“And I would that ye should remember, that whosoever among you borroweth of his neighbor should return the thing that he borroweth, according as he doth agree, or else thou shalt commit sin; and perhaps thou shalt cause thy neighbor to commit sin also.”

“Behold, it is said in my laws, or forbidden, to get in debt to thine enemies.”

“And again, verily I say unto you, concerning your debts—behold it is my will that you shall pay all your debts.”

“If thou borrowest of thy neighbor, thou shalt restore that which thou hast borrowed; and if thou canst not repay then go straightway and tell thy neighbor, lest he condemn thee.”

“All my life from childhood I have heard the Brethren saying, ‘get out of debt and stay out of debt.’” (in Conference Report, Apr. 1975, 166).

“Selfishness and other sins are responsible for most divorces. The apostle Paul knew the answer. He said for men to love their wives and wives to love their husbands. For two people to work out their marriage together, they need a carefully worked out budget, made by both husband and wife, and then careful adherence to the same” (in Conference Report, Oct. 1975, 6; or Ensign, Nov. 1975, 6).

“Our inspired leaders have always urged us to get out of debt, live within our means, and pay as we go” (“‘Pay Thy Debt, and Live,’” Ensign, June 1987, 3).

“We urge all Latter-day Saints to be prudent in their planning, to be conservative in their living, and to avoid excessive or unnecessary debt” (in Conference Report, Apr. 1992, 68; or Ensign, May 1992, 47).

See quotation on pages 115–19.

“The current cries we hear coming from the great and spacious building tempt us to compete for ownership in the things of this world. … Often these items are purchased with borrowed money without giving any thought to providing for our future needs. …

“… Wisely we have been counseled to avoid debt as we would avoid the plague. …

“… A well-managed family does not pay interest—it earns it” (in Conference Report, Sept.–Oct. 1995, 45, 47; or Ensign, Nov. 1995, 35–36).

“We must be careful of the misuse of credit. The use of credit cards in many places has increased consumer debt to staggering proportions. I am reminded of the story of ‘an elderly farmer [who] wrote to a mail order house as follows: “Please send me one of the gasoline engines you show on page 787, and if it’s any good, I’ll send you a check.”

“‘In time he received the following reply: “Please send check. If it’s any good, we’ll send the engine.”’ [Jacob M. Braude, Braude’s Treasure of Wit and Humor (1964), 45.]

“Contemporary society rushes headlong to accumulate the material goods of this world. This leads many to think they can alter the law of the harvest, reaping rewards without paying the price of honest toil and effort. Wishing to prosper immediately, they speculate in high-risk financial schemes that promote instant wealth. This all too frequently results in economic reverses, sometimes even financial ruin. In Proverbs we read, ‘A faithful man shall abound with blessings: but he that maketh haste to be rich shall not be innocent.’ [Proverbs 28:20.]” (in Conference Report, Apr. 1998, 59; or Ensign, May 1998, 44).

“It is important to learn to distinguish between wants and needs. It takes self-discipline to avoid the ‘buy now, pay later’ philosophy and to adopt the ‘save now and buy later’ practice. …

“Owning a home free of debt is an important goal of provident living. … Homes that are free and clear of mortgages and liens cannot be foreclosed on. …

“… Independence means many things. It means … being free of personal debt and of the interest and carrying charges required by debt the world over” (in Conference Report, Apr. 1986, 24–25; or Ensign, May 1986, 20–21).

See “Greed, Selfishness, and Overindulgence” on pages 120–22.