Finances: Debt is a Form of Bondage

“In spite of the teachings of the Church from its earliest days until today, members sometimes fall victim to many unwise and foolish financial practices. Some continue to spend, thinking that somehow the money will become available. Somehow they will survive.

Far too often, the money hoped for does not appear.

Remember this: debt is a form of bondage. It is a financial termite. When we make purchases on credit, they give us only an illusion of prosperity. We think we own things, but the reality is, our things own us.

Some debt—such as for a modest home, expenses for education, perhaps for a needed first car—may be necessary. But never should we enter into financial bondage through consumer debt without carefully weighing the costs.”

Elder Jospeh B. Wirthlin, “Earthly Debts, Heavenly Debts”, April 2004 General Conference

Learn more about Joseph B. Wirthlin, or access full address here. 

*Photo source: https://www.lds.org/ensign/1986/12/elder-joseph-b-wirthlin-finding-happiness-serving-the-lord?lang=eng