Debt

• Alma 11:2…Pay your debts.
• D&C 104:78-82… How to get out of debt to Christ?  Humility, Prayer, Diligency = Eternal Life
• D&C 103:36… How to get out of debt to Christ?  Humility, Prayer, Diligency = Eternal Life
• Mosiah 4:11-12…How to get out of debt to Christ?  Humility, Prayer, Diligency = Eternal Life
• Ether 12:27… How to get out of debt to Christ?  Humility, Prayer, Diligency = Eternal Life
• Mosiah 2:23 -24… 23  And now, in the first place, he hath created you, and granted unto you your lives, for which ye are indebted unto him. 24  And secondly, he doth require that ye should do as he hath commanded you; for which if ye do, he doth immediately bless you; and therefore he hath paid you. And ye are still indebted unto him, and are, and will be, forever and ever; therefore, of what have ye to boast?
• Mosiah 4: 21…We depend on God for our lives, all we have & we should share with one another
• Mosiah 4: 19…Poor or not, we all depend on God for everything
• Mosiah 4: 22…Our life belongs to God
• President Brigham Young said, “Work less, wear less, eat less, and we shall be a great deal wiser, healthier, and wealthier people than by taking the course we now do.”
• Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams) “Short-term debt, like credit cards, can be accessories to a financially dishonest life—something you really can’t afford. Most short-term debt finances a lifestyle, rather than the purchase of genuine assets that hold their value over time. Once charges are made to a credit card, for example, what do you have to show for them? You might have more clothes, furniture, gifts, electronics, or dinners out—which is all great stuff to buy if you can truly afford it. But it’s likely that you spent money on something you really didn’t need in the first place, and now that money is gone.”
• Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams) “Here’s a tip that works like magic to whittle down your principle balance faster and pay less interest on debt: make bi-weekly payments instead of monthly payments. Don’t believe me? Here’s a simple example to demonstrate how it works. If your monthly payment for your mortgage is $1,000, you’d make 12 payments a year, for a total of $12,000, right? But if you paid half of your payment, or $500 every other week, you’d make 26 payments in a year, for a total of $13,000. Consider my prior example of a $190,000 mortgage that was refinanced from 6.75 percent down to 4.5 percent, for a new monthly payment of $962. If you used the bi-weekly payment method and paid half that amount, or $481, every other week over the life of the loan, you’d reduce your interest expense from $156,572 to $128,984. That’s a serious savings of $27,588! Not to mention that you’d pay off the loan in less than 26 years instead of in 30 years.”
• Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams) “Just like losing a lot of weight doesn’t happen overnight, getting out of debt won’t happen quickly either. It’s a part of making a commitment to a new and improved lifestyle. It’s a part of accepting new beliefs about money and adopting better financial habits that you follow every day.”
• “Short-term debt, like credit cards, can be accessories to a financially dishonest life—something you really can’t afford. Most short-term debt finances a lifestyle, rather than the purchase of genuine assets that hold their value over time. Once charges are made to a credit card, for example, what do you have to show for them? You might have more clothes, furniture, gifts, electronics, or dinners out—which is all great stuff to buy if you can truly afford it. But it’s likely that you spent money on something you really didn’t need in the first place, and now that money is gone.” Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams)- Highlight Loc. 125-29
• “Consumer spending is famous for offering buyers fleeting joy followed by long-lasting debt that really accomplishes nothing more than a reduction of personal net worth.” Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams)- Highlight Loc. 129-30
• “Sometimes we get fooled into thinking that small changes in interest rates aren’t worth the hassle of doing a refinance or loan consolidation. Here’s an example to help you see how small changes in interest rates can make a huge difference over the life of a long-term loan. Let’s say you bought a $200,000 house with a 5 percent down payment. That means you put $10,000 down and mortgaged the remaining $190,000. If your loan is to be repaid over 30 years at a 6.75 percent fixed rate of interest, you’ll pay a whopping $253,641 just in interest! That doesn’t even include the $190,000 in principal you have to repay. If interest rates for 30-year fixed-rate mortgages go down to 6 percent from your current rate of 6.75 percent, you may mistakenly think that the 0.75 percent difference isn’t worth the hassle. Let’s see… If you refinanced the loan for 30 years at the new interest rate of 6 percent, by comparison, you’d pay $220,092 in interest. That’s a savings of $33,549 in interest over the life of a 30-year loan. I’d say that’s well worth the hassle, no? The “re-fi” would reduce your monthly payment from $1232 to $1139. Now you’d have just about $100 extra each month to pay down short-term debt.” Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams)- Highlight Loc. 220-30
• “Here’s a tip that works like magic to whittle down your principle balance faster and pay less interest on debt: make bi-weekly payments instead of monthly payments. Don’t believe me? Here’s a simple example to demonstrate how it works. If your monthly payment for your mortgage is $1,000, you’d make 12 payments a year, for a total of $12,000, right? But if you paid half of your payment, or $500 every other week, you’d make 26 payments in a year, for a total of $13,000. Consider my prior example of a $190,000 mortgage that was refinanced from 6.75 percent down to 4.5 percent, for a new monthly payment of $962. If you used the bi-weekly payment method and paid half that amount, or $481, every other week over the life of the loan, you’d reduce your interest expense from $156,572 to $128,984. That’s a serious savings of $27,588! Not to mention that you’d pay off the loan in less than 26 years instead of in 30 years.” Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams)- Highlight Loc. 251-58
• “Sometimes we get fooled into thinking that small changes in interest rates aren’t worth the hassle of doing a refinance or loan consolidation. Here’s an example to help you see how small changes in interest rates can make a huge difference over the life of a long-term loan. Let’s say you bought a $200,000 house with a 5 percent down payment. That means you put $10,000 down and mortgaged the remaining $190,000. If your loan is to be repaid over 30 years at a 6.75 percent fixed rate of interest, you’ll pay a whopping $253,641 just in interest! That doesn’t even include the $190,000 in principal you have to repay. If interest rates for 30-year fixed-rate mortgages go down to 6 percent from your current rate of 6.75 percent, you may mistakenly think that the 0.75 percent difference isn’t worth the hassle. Let’s see… If you refinanced the loan for 30 years at the new interest rate of 6 percent, by comparison, you’d pay $220,092 in interest. That’s a savings of $33,549 in interest over the life of a 30-year loan. I’d say that’s well worth the hassle, no? The “re-fi” would reduce your monthly payment from $1232 to $1139. Now you’d have just about $100 extra each month to pay down short-term debt.” Money Girl’s Smart Moves to Deal with Your Debt (Laura D. Adams) Kindle Location 220-30
• “In managing the affairs of the Church, we have tried to set an example. We have, as a matter of policy, stringently followed the practice of setting aside each year a percentage of the income of the Church against a possible day of need. “I am grateful to be able to say that the Church in all its operations, in all its undertakings, in all of its departments, is able to function without borrowed money. If we cannot get along, we will curtail our programs. We will shrink expenditures to fit the income. We will not borrow. “One of the happiest days in the life of President Joseph F. Smith was the day the Church paid off its longstanding indebtedness. “What a wonderful feeling it is to be free of debt, to have a little money against a day of emergency put away where it can be retrieved when necessary. . . . “I urge you . . . to look to the condition of your finances. 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 is a part of the temporal gospel in which we believe. May the Lord bless you . . . to set your houses in order. If you have paid your debts, if you have a reserve, even though it be small, then should storm howl about your head, you will have shelter for your [families] and peace in your hearts. That’s all I have to say about it, but I wish to say it with all the emphasis of which I am capable.” President Gordon B. Hinckley (1910–2008) “To the Boys and to the Men,” Ensign, Nov. 1998, 53–54
• President Hinckley: “I urge you . . . to look to the condition of your finances. I urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt to the extent possible.”
• “Let’s look at some of the ways we don’t love ourselves: We scold and criticize ourselves endlessly. We mistreat our bodies with food, alcohol, and drugs. We choose to believe we are unlovable. We are afraid to charge a decent price for our services. We create illnesses and pain in our bodies. We procrastinate on things that would benefit us. We live in chaos and disorder. We create debt and burdens. We attract lovers and mates who belittle us.” You Can Heal Your Life (Louise Hay) Page 17
• “Did your family teach you, “There is not enough”? Then I am sure you often feel as though the cupboard is bare, or you find you just get by or are always in debt.” You Can Heal Your Life (Louise Hay) Page 36
• “How does pride affect our relationship with others? President Benson observed: “Another major portion of this very prevalent sin of pride is enmity toward our fellowmen. We are tempted daily to elevate ourselves above others and diminish them (see ; ). … “Pride … is manifest in so many ways, such as fault-finding, gossiping, backbiting, murmuring, living beyond our means, envying, coveting, withholding gratitude and praise that might lift another, and being unforgiving and jealous. … “Selfishness is one of the more common faces of pride. ‘How everything affects me’ is the center of all that matters—self-conceit, self-pity, worldly self-fulfillment, self-gratification, and self-seeking. … “Another face of pride is contention. Arguments, fights, unrighteous dominion, generation gaps, divorces, spouse abuse, riots, and disturbances all fall into this category of pride” in Conference Report, Apr. 1989, 4–5; or Ensign, May 1989, 4–6. Gospel Doctrine Teacher’s Manual, Lesson 10: “This Is My Voice unto All”
• “Whatever we concentrate on increases, so don’t concentrate on your bills. If you concentrate on lack and debt, then you will create more lack and debt.” You Can Heal Your Life (Louise Hay) Page 113
• “It is incumbent on every generation to pay its own debts as it goes, a principle which if acted on would save one-half the wars of the world.”– Thomas Jefferson
• “A government which robs Peter to pay Paul can always depend on the support of Paul.” — George Bernard Shaw
• Book of Mormon, Mosiah 2: 23-24 …23 And now, in the first place, he hath created you, and granted unto you your lives, for which ye are indebted unto him. 24 And secondly, he doth require that ye should do as he hath commanded you; for which if ye do, he doth immediately bless you; and therefore he hath paid you. And ye are still indebted unto him, and are, and will be, forever and ever; therefore, of what have ye to boast?
• “There were twelve and a half years from the time I received my doctoral degree until I sent my first bill for surgical services,” Russell recalled. “We borrowed money. Dantzel earned some. I made a little here and there. Somehow we survived.” Insights from a Prophet’s Life, Russell M. Nelson, Page 25
• “Let me tell you a story—a parable. There once was a man who wanted something very much. It seemed more important than anything else in his life. In order for him to have his desire, he incurred a great debt. He had been warned about going into that much debt, and particularly about his creditor. But it seemed so important for him to do what he wanted to do and to have what he wanted right now. He was sure he could pay for it later. So he signed a contract. He would pay it off some time along the way. He didn’t worry too much about it, for the due date seemed such a long time away. He had what he wanted now, and that was what seemed important. The creditor was always somewhere in the back of his mind, and he made token payments now and again, thinking somehow that the day of reckoning really would never come. But as it always does, the day came, and the contract fell due. The debt had not been fully paid. His creditor appeared and demanded payment in full. Only then did he realize that his creditor not only had the power to repossess all that he owned, but the power to cast him into prison as well. I cannot pay you, for I have not the power to do so,’ he confessed. ‘Then,’ said the creditor, ‘we will exercise the contract, take your possessions, and you shall go to prison. You agreed to that. It was your choice. You signed the contract, and now it must be enforced. ‘Can you not extend the time or forgive the debt?’ the debtor begged. ‘Arrange some way for me to keep what I have and not go to prison. Surely you believe in mercy? Will you not show mercy?’. The creditor replied, ‘Mercy is always so one-sided. It would serve only you. If I show mercy to you, it will leave me unpaid. It is justice I demand. Do you believe in justice?’. “‘I believed in justice when I signed the contract,’ the debtor said. ‘It was on my side then, for I thought it would protect me. I did not need mercy then, nor think I should need it ever. Justice, I thought, would serve both of us equally as well.’” Anonymous