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Members in Debt

I have met many families that could be a great help to the Church and of course themselves if they manage their money correctly. A lot of members tend to over spend and take on credit just to have a 'thing' that may not really need. living within your means may take some discipline, there might be some restrictions, but in the end you are happier for it. Personally I have watched my own relatives go into debt just to have the 'extra' or the 'latest' items. I do not have the best, but at the same I owe no one! I feel much beeter for it. My relatives on the other hand have to sweat to keep a mortgage, pay the creditors, etc.

"If there is any one thing that will bring peace and contentment into the
human heart, and into the family, it is to live within our means."

(Heber J. Grant, Relief Society Magazine, May 1932, 302)

What are your feelings on this?

Debt Members

I agree with you JB. Since I was very small my family was tried to keep themselves out of debt, we didn't have money but we didn't owe a cent to nobody and the feeling of peace you get from knowing you don't have debts is great!. I see people going through hell just to pay their credit cards or the latest of their cars, I think is crazy, specially some members of the Church. Why they need to get a car or a truck of $200,000TT!!!!?? what's the purpose of it if they cannot afford it! and even if they can afford they don't really need a car like that only if they want to show off.
Don't get me wrong, everybody likes to live good and have nice stuff but if the price is too high to pay is not worthy!!!

Members in Debt Studies Doctrine Mormon

I agree with you both!  Once upon a time, I used to believe you had to have a credit rating, and so I would charge things on credit cards.  Well, that got out of hand, and I ended up bankrupt.  Right now, the only thing I owe is my mortgage, and I pay extra to get it paid off faster.  

Debt is a terrible thing, it weighs you down heart and mind, and sometimes even physically.  If people could only understand that.  And of course it makes some people feel pressured when they "have to" pay tithing.  For them it's not the joy it should be, because of the bills they have piled up.  And if you don't pay tithe with a glad heart, you might as well not pay it.

I'm so glad I have been debt free for so long!  And paying off the mortgage will be a huge blessing for my family!

Roz

Debt Members

[quote] Debt is a terrible thing, it weighs you down heart and mind, and sometimes even physically.[/quote]
Yes, that is very true, but it seems that some people are actually addicted to that feeling since they are always in debt?

Debt Members

[quote]Yes, that is very true, but it seems that some people are actually addicted to that feeling since they are always in debt? [/quote]

I don't know if they're addicted, I think they're not responsible and a terrible example for their children. There are people who just cannot live with the basic things they need. They must have the best car, the best house, the best entertainment, etc...they just cannot live without it! it's crazy!. I know a family in the USA who was bakrupt so many times, they cannot have no bank accounts, no credits, nothing at all and they still spending money like crazy and going to play golf every week! :

Members in Debt

[quote]Yes, that is very true, but it seems that some people are actually addicted to that feeling since they are always in debt?[/quote]
It certainly seems as if they are addicted, or maybe it's a compulsion?  It can't be normal to be living beyond your means all the time.  I think compulsive shopping has been identified as an addiction.  The thrill of having something new is addictive.  It's kind of like gambling, in my opinion.  Buy and buy and buy and then see if you can make it to the bank with your deposit faster than the checks clear...  What a thrill

I couldn't take that kind of stress, personally.

In my opinion, of course.

Roz

Members Debt

[quote]
There are people who just cannot live with the basic things they need. [/quote]

Then there are those who don't know how to practice self-control.  They see something they want, and rather than realize they can't afford it yet, or wait until they have earned the money to pay cash for it, they decide to get it right then and there and on credit.

I don't know what it's like in your country, but in ours children get used to a certain lifestyle.  Then, when they get married they want to keep up that lifestyle (and it's gotten even worse).  Instead of realizing that their parents started with nothing and worked their way into the lifestyle the children are used to, the newlyweds decide they want it all now and they go into debt to get it.

I'm really seeing this now, what with all these new homes being built in our area.  Most of the families moving in are young families.  They are used to living in nice houses and having all the nice furniture and luxuries, so they go majorly into debt to get them.  Then they work, work, work leaving no time for anything else to pay for all the things they have obtained.  It's crazy.

We became basically debt free a little over a year ago, and I have to say that the sense of freedom is wonderful!  We do have a mortgage on the house that we are paying on, and we are still making payments on our car, but that's all the debt we have.   I talk to people at work, one of which consistently works extra shifts just to try to keep up with all the debt they have.  I'd rather enjoy life and do fun things than have to work all the time because I've gotten myself into that much debt.  It's hard to put off getting that thing I want so badly, but it's worth it in the long run.

Members Debt Mormon Doctrine Studies

[quote]I don't know what it's like in your country, but in ours children get used to a certain lifestyle.  Then, when they get married they want to keep up that lifestyle (and it's gotten even worse).  Instead of realizing that their parents started with nothing and worked their way into the lifestyle the children are used to, the newlyweds decide they want it all now and they go into debt to get it.

I'm really seeing this now, what with all these new homes being built in our area.  Most of the families moving in are young families.  They are used to living in nice houses and having all the nice furniture and luxuries, so they go majorly into debt to get them.  Then they work, work, work leaving no time for anything else to pay for all the things they have obtained.  It's crazy. [/quote]

I know exactly what you mean.  I call them "80's children" -- they have no expectation of having to work hard for anything they want; they just expect to have it when they want it.  My son has been trying to get a credit card for months, even after I told him over and over it's a mistake.  Luckily, he's been denied a few times (not long enough on the job, and too low income).  I hope he'll give up trying soon, because his girlfriend is a total spendthrift and will put him in debt so fast!  (But I'm just his mother.  What do I know?)

Roz