In modern revelation, the Lord commanded: "Behold, it is said in my laws, or forbidden, to get in debt to thine enemies" (Doctrine and Covenants 64:27). Further, the Lord declared, "And again, verily I say unto you, concerning your debts — behold it is my will that you shall pay all your debts" (Doctrine and Covenants 104:78).

Various Brethren have counseled members regarding the management of their finances and properties. During the October 1931 Semiannual General Conference of the Church, President Heber J. Grant said: "From my earliest recollections, from the days of Brigham Young until now, I have listened to men standing in the pulpit . . . urging the people not to run into debt; and I believe that the great majority of all our troubles today is caused through the failure to carry out that counsel."

In an address during the October 1980 Semiannual General Conference, President Ezra Taft Benson said: "More than ever, we need to learn and apply the principles of economic self-reliance. We do not know when the crisis involving sickness or unemployment may affect our own circumstances. We do know that the Lord has decreed global calamities for the future and has warned and forewarned us to be prepared. For this reason the Brethren have repeatedly stressed a 'back to basics' program for temporal and spiritual welfare."

President Gordon B. Hinckley, in addressing the Priesthood session of the October 1998 Semiannual General Conference, said: "I urge you, brethren, 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, my beloved brethren, to set your houses in order. If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your wives and children 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."

Many older members of the Church might remember when President J. Reuben 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 to meet its demands, it crushes you" (Conference report, April 1938, p. 103). President Clark also counseled members to avoid debt as they would the plague.

His counsel has competition. Today, people are encouraged to go into debt. Credit card companies flood mailboxes with applications, some with pre-approved lines of credit; even children are sent credit card applications. Many stores and other enterprises promote the buy-now, pay-later plan for acquisitions. In earlier times, debt was somewhat easier to manage: if an individual did not have cash on hand, he or she did not make a purchase. While purchasing power was decreased, control of debt was increased.

Numerous examples abound of people who live beyond their means. Some buy bigger houses than they can afford and then outfit those houses with top-of-the-line furniture and appliances. They might have more vehicles than they really need, go on expensive vacations, wear costly clothing and, in general, live an extravagant lifestyle. It isn't uncommon for a young man to go into debt to purchase an expensive engagement ring that his bride-to-be has her heart set on, or for parents to take out loans to pay for lavish wedding receptions. Many young couples begin married life mired in debt.

Some debts — such as mortgages on homes or loans for education — might be necessary. Others, such as those listed above, are more the result of vanity than necessity.

Some who live beyond their means look for others — family, Church or government — to bail them out when they experience hard times. Speaking of personal financial responsibility more than three decades ago, President Marion G. Romney, a counselor in the First Presidency, referred to the then-current welfare handbook that stated that no true Latter-day Saint will, while physically able, voluntarily shift from himself the burden of his own support. (See Conference Report, October 1973, p. 106.)

Managing our money is a crucial key to having stability in our personal welfare. Learning or continuing to live within our means will help keep us free of the bondage that debt imposes.