Taking Debt Too Lightly

Why is it so easy to go into debt and so hard to get out of it? I think for modern generations, there has been a culture of taking debt too lightly. Fortunately, for some of us, that culture is changing toward one of getting rid of debt or not getting into it in the first place. Meanwhile, there is still a more corporate culture that encourages debt, and it is one, as individuals, that we have to fight against in order to be solvent and live a good life. Being offered a loan, whether it is a home mortgage, … Continue reading

Getting Out of Debt

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 … Continue reading

Why Would You Take Out a Home Equity Loan?

What do you use your home equity loan for? There are as many different reasons for taking out a home equity loan, as there are home equity loans. It is important to examine the reasons that you are taking out the loan, and how soon you plan to repay that money. While there may be times when you need to use your home’s equity (a medical emergency) chances are you can avoid doing it. Many people take out a home equity loan versus another type of loan, because the interest is tax deductible. While this may seem like a good … Continue reading

Twenty Somethings Drowning in Debt

There was an article a while back about debt being a main concern between parents and their children. Seems like parents don’t like the kids getting in over their heads – because they never did it themselves. It’s true. I don’t remember my parents being in a lot of debt when I was growing up, and my grandmother – never. It would have been unheard of for her to take on debt of any sort,except maybe her house. I’m sure my parents and grandparents didn’t buy their first house in their twenties, – they worked and saved and bought one … Continue reading

5 Reasons to Payoff Your Loans Early

Many people often wonder why you should payoff your loans early. Often they look at loans as a time commitment and as long as you are making your monthly payments you really do not need to worry about the loans that you have taken out. Paying your loans off early can be a great benefit to you and your family. Here are five reasons to pay off your loans early. 1) You will save money on interest payments. For the average mortgage you end up paying at least as much in interest as you originally borrowed. You end up paying … Continue reading

The Reasons Why I Am Against Debt

If you have been reading this blog you may have noticed that many of the articles I write speak about getting out of and avoiding debt. These are issues that I feel very strongly about, and thought that I should write a blog about why I feel that way. I grew up in an average American home. My parents had credit card debt, and spent money. However, I never really felt like they were extravagant. We learned to do without a lot in our family, but we always had what we needed. When I moved out to go to college … Continue reading

Book Review: “Debt-Free Living” by Larry Burkett

“Debt-Free Living” by Larry Burkett is an interesting and informative book about making decisions that will help you get out of debt and to stay debt free. The book was original published and so the numbers he uses in example budgets seems surprisingly low, but other than that it is a great book to read or recommend to someone who is ready to make a change. Burkett briefly describes the concept of credit and how it began again after the Great Depression. He also talks about how the government fuels the use of credit because it helps to boost the … Continue reading

Are You Managing Your Money or Is It Managing You?

Do you manage your money or does it manage you? Stop and really think about that. Do you decide where your money goes? Does your money work for you? Do you make enough on interest and other forms of income that you could stop working today? Of do you work for your money? Do you worry about meeting your minimum payments each month? Are you making interest or paying interest? The way you answered these questions really reflects the way you feel about money. If you are in a lot of debt or can barely pay for your necessities, your … Continue reading

Finances and Giving

Admittedly, I am not the best person to be giving advice about giving and finances; so I’m not going there. There does seem to be a supernatural impact in giving though whether by our time or with money. I remember years ago when my husband and I were starting out. We were poor. We prided ourselves in not getting over our heads into debt, but did find ourselves charging our rent a couple times to make due. He was working 40 hours a week and I about 30. We were just beginning to understand what leaning on God for our … Continue reading

My Financial Sacrifices Are Worth It!

Today my daughter told me that she wanted to be a doctor in space. She wants to be the doctor to the astronauts. When I asked her why, she told me that it was so she could have lots of money. I thought this was a strange concept for a five-year-old to be talking about. I asked her what she meant. She told me that she wanted to have more money than I did. I asked her what she meant. She told me that sometimes she wanted to get treats at the grocery store, and I had told her we … Continue reading