Debt

Through the Prophet Joseph Smith, the Lord once told a

group of Saints, “It is my will that you shall pay all your

debts” (D&C 104:78). Since the early days of the Church, the

Lord’s prophets have warned us repeatedly to avoid the

bondage of debt.

One of the great dangers of debt is the interest that

accompanies it. Some forms of credit, such as credit cards, have

particularly high interest rates. Once you are in debt, you

find that interest has no mercy. It continues to accumulate,

regardless of your situation—whether you are employed or

jobless, healthy or sick. It never goes away until the debt is

paid. Do not be deceived by credit offers, even if they make

debt seem attractive by promising low interest rates or no

interest for a certain period of time.

Look to the condition of your finances. Discipline yourself

in your purchases, avoiding debt to the extent you can.

In most cases, you can avoid debt by managing your

resources wisely. If you do incur debt, such as a reasonable

amount in order to purchase a modest home or complete

your education, work to repay it as quickly as possible and

free yourself from bondage. When you have paid your debts

and accumulated some savings, you will be prepared for

financial storms that may come your way. You will have shelter

for your family and peace in your heart.

Additional references: Luke 16:10–11; D&C 19:35