Debt restricts our ability to be Christlike

I feel strongly that one of the reasons that we are advised to avoid debt is because it restricts us. In the scriptures, specifically in the Book of Mormon, the prophets advise us that we need to be generous with what we have, and if we don't have enough, we should at least want to give. Otherwise, we are squandering what was never really ours in the first place. The scriptures point out that everything we own is a gift from God. Now, if you don't have room in your budget to give to others, you are not necessarily sinning. You may be in need of receiving from others. However, if your lack of financial freedom is due to poor choices that have caused you to be in mountains of debt, do you think you are really excused from the need to give what you have to others? How would you feel if you needed something that someone else had, but then they traded that for something they couldn't share, but was for their own pleasure? Would you feel like that person cared about you? Would it feel even slightly sincere if they said "I'm sorry! It's not that I don't want to help you.... But I can't help you AND afford the payment for my new big screen!" Now, I strongly suspect that most of us would not be this cruel. However, by taking on unnecessary debt, we are tying up resources which we should be using to build God's kingdom, and serve others. Not only that, but debt is a cruel taskmaster. It demands what we can pay, when we can pay it. Simply having debt causes an increased level of anxiety and stress. This also hampers our ability to be Christian and show love for others. 

As a financial professional, I see people in all different income brackets with loads of debt. I also see the opposite, where people manage their finances well. I can testify that the people who are more reasonable with their spending tend to be more relaxed and happy. They don't worry about their financial future because they already have savings and plans. They also usually have more money, but not necessarily higher incomes. I have seen people who make 10,000+ per month who are so over their heads in debt that we couldn't lend to them to replace their broken down vehicle. On the other hand, I've seen people making less than 36,000 per year with 10,000 or more in savings, and no debt. Guess which one has the 800 credit score, and which one is in the 600s. There are reasons God has the commandments that He does. They are for both our temporal and spiritual protection. 

If you have, please give to those who need. If you are bound by debt, work to get out of it. There are professionals like me who can and will help you, often for free. The majority of it is education, once you know a few tricks, and apply self control, you will find God's help, and can find your way out of debt, and into a state where you can freely serve others. I testify this in the name of Jesus Christ, amen.