For many years, the leaders of the Church have counseled us to avoid debt and to pay the debts we have. President J. Rueben Clark, Jr. said, “Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation. … Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.”
More recently, President Gordon B. Hinckley said, “Many of our people are living on the very edge of their incomes. In fact, some are living on borrowings. …
“… I urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt to the extent possible. Pay off debt as quickly as you can, and free yourselves from bondage.”
This admonition to rid ourselves of debt doesn’t just have temporal implications – it carries with it some very real spiritual blessings as well. Just as denying ourselves of food and drink brings our bodies into subjection to our spirits, denying ourselves of unnecessary belongings will help bring our wills into subjection to the will of the Father. There is very little that we need that we cannot save up for and buy when we have the cash on hand.
Life will bring its unexpected costs. Emergency room visits, car repairs, all your children suddenly outgrow their shoes, at the same time – we cannot plan for everything. But we can learn to handle our money wisely and to school ourselves to be more frugal in our daily spending.
One family I know is taking the prophet’s admonition very seriously. The Adams’ incurred a measure of debt while moving across the country for a new job, and are now working hard to pay off that debt, desiring to be obedient to counsel. They are selling many of their belongings, including two of their vehicles, with the goal to be completely out of debt by year’s end. They say it’s the best Christmas gift they could give themselves.
Being free from debt brings peace into our souls. We can sleep better at night knowing we have done all we can to loosen the ropes that bind us. I know that as I manage to pay off a creditor, my heart feels light and I feel a joy I couldn’t have felt in any other way. We have been asked to be a self-sufficient people, and I truly believe that as we obey the prophet and eliminate our debt, we will be more able to be self-sufficient and then, in turn, use our goods to bless others.
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The Reasons Why I am Against Debt