In spite of Church teachings, many members are falling victim to unwise financial practices and finding themselves in rising debt, said Elder Joseph B. Wirthlin of the Quorum of the Twelve.
"Remember this: debt is a form of bondage," he said on Saturday afternoon. "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."
He repeated Christ's biblical warning of covetousness.
"(Covetousness) is one of the great afflictions of these latter days," Elder Wirthlin said. "It creates greed and resentment. Often, it leads to bondage, heartbreak and crushing, grinding debt."
Stress prompted by money worries has shattered many marriages and caused sickness, depression and even premature death, Elder Wirthlin said. Some debts — such as for a modest home, education and perhaps a first car — may be necessary. But he counseled members to never enter into financial bondage through consumer debt without carefully weighing the costs.
Many latter-day prophets have counseled Church members to avoid debt and make wise financial decisions, Elder Wirthlin said.
"Many have heeded this prophetic counsel. They live within their means, they honor the debts they have incurred, and they strive to reduce the burden they owe to others," he said. "We congratulate those who are doing so."
Elder Wirthlin offered five steps to financial freedom.
1. Pay tithing. "Obedience to God's commandments is the foundation for a happy life. Surely we will be blessed by the gifts of heaven for our obedience. Failure to pay tithing by those who know the principle can lead to heartache in this life and sorrow, perhaps, in the next."
2. Spend less than you earn. "All too often, a family's spending is governed more by their yearning than by their earning." Elder Wirthlin added that members who unwisely use credit cards would be wise to eliminate them.
3. Learn to save. "Remember the lesson of Joseph of Egypt. During times of prosperity, save up for a day of want."
4. Honor your financial obligations. "If you bring children into the world, it is your solemn obligation to do all within your power to provide for them." Elder Wirthlin also emphasized the importance of honoring debts and being honest in financial dealings.
5. Teach your children to follow your example. "Teach (children) that they cannot have something merely because they want it. Teach them the principles of work, frugality and saving."
Heavenly debts are not so easy to repay, Elder Wirthlin said. "In fact, we will never be able to repay some of them." Such heavenly debts include the love and sacrifices of parents and ancestors. Another debt is owed to the Lord for restoring His gospel through Joseph Smith.
"(Christ) paid a debt He did not owe to free us from a debt we can never pay," Elder Wirthlin said. "Because of Him, we will live forever. Because of His infinite atonement, our sins can be swept away."
