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The LDS Daily WOOL© Archive - Debt

"Closely allied with the trend toward bigger and bigger government is the tendency toward loose fiscal policy, both public and private. This concerns us as free men. 'The borrower is servant to the lender' (Proverbs 22:7). A nation can hang itself on the gallows of excessive public debt-and the United States is no exception." - "The Teachings of Ezra Taft Benson," p. 291

"Did you ever see anybody who went in debt and mortgaged and bonded that which he possessed, as free, as independent, as happy as the man who paid for what he had as he went along? We should live according to our means, and lay a foundation upon which we can build, and upon which our children can build after us, without paying interest on bonded debts incurred by us. I am aware that I am not preaching the financial gospel of the world. I suppose I am laying myself open to the charge of being called a mossback, non-progressive, and so on. All these epithets are hurled at the men that dare to tell the people to live within their means. … Sometimes we are put in a position where it is necessary to go into debt. When it is necessary, so may it be. … But I have never yet been convinced that it was essential for the welfare of the present or future generation that my children should be brought in bondage by my acts." - Teachings Of Presidents Of The Church: Joseph F. Smith, p.163

"If we are to be self-reliant and in a position to share, obviously we must acquire some resources. If we live within our means and avoid debt, resources can be accumulated. There are those with average incomes who, over a lifetime, do amass some means, and there are those who receive large salaries who do not. What is the difference? It is simply spending less than they receive, saving along the way, and taking advantage of the power of compound interest." - Elder Joe J. Christensen, Greed, Selfishness, and Overindulgence, Ensign (CR), May 1999, p.9

In addition to recognizing that nothing is actually yours, one of the blessings that comes from paying tithing is how you use the other money that you have. You learn the principles of thrift, and you’re likely to listen to what the prophets have to say about avoiding unnecessary debt and deciding what is a want versus a need. The law of tithing is both substantive in the sense that it is real and you can count it, but it’s also symbolic in terms of how you feel about other things. - Cecil O. Samuelson, "My Grandfather's Testimony of Tithing," New Era, July 2011

As we obey the counsel to avoid and get out of debt now, we use our agency and obtain the liberty to use our disposable income for helping and blessing others. - Robert D. Hales, "Agency: Essential to the Plan of Life," Liahona, November 2010

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R. Scott Birk
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