Excerpts from President Gordon B. Hinckley's address given in the priesthood session of the 1998 October general conference titled, "To the Boys and to the Men."
Now, brethren, I want to make it very clear that I am not prophesying, that I am not predicting years of famine in the future. But I am suggesting that the time has come to get our houses in order.
So many of our people are living on the very edge of their incomes. In fact, some are living on borrowings. . . .
The economy is a fragile thing. A stumble in the economy in Jakarta or Moscow can immediately affect the entire world. It can eventually reach down to each of us as individuals. There is a portent of stormy weather ahead to which we had better give heed. . . .
I am troubled by the huge consumer installment debt which hangs over the people of the nation, including our own people. . . .
We are beguiled by seductive advertising. Television carries the enticing invitation to borrow up to 125 percent of the value of one's home. But no mention is made of interest. . . .
I recognize that it may be necessary to borrow to get a home, of course. But let us buy a home that we can afford and thus ease the payments which will constantly hang over our heads without mercy or respite for as long as 30 years. . . .
We are carrying a message of self-reliance throughout the Church. Self-reliance cannot obtain when there is serious debt hanging over a household. One has neither independence nor freedom from bondage when he is obligated to others. . . .
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, 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. . . .That's all I have to say about it, but I wish to say it with all the emphasis of which I am capable. . . .