I have been thinking a little about debt and savings. The latest statistics show that our national savings rate is actually in the negative for the first time ever. See this article for an interesting perspective on this topic. http://www.fool.com/personal-finance/retirement/2007/02/02/our-savings-rate-is-abysmal.aspx
Here's what our prophets have counseled.
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.”
President Ezra Taft Benson said, “Do not leave yourself or your family unprotected against financial storms. … Build up savings.”
President Harold B. Lee taught, “Not only should we teach men to get out of debt but we should teach them likewise to stay out of debt.”
President Gordon B. Hinckley declared: “Many of our people are living on the very edge of their incomes. In fact, some are living on borrowings. …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.”
President Gordon B. Hinckley has taught: “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” ("To the Boys and to the Men," Ensign, Nov. 1998, 54).
"We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt. . . . If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts."—The First Presidency, All Is Safely Gathered In: Family Finances, Feb. 2007, 1
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