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Members in Debt - Page 2

It is a good thing that we are told as members of the Church to stay out of debt, it causes alot of problems when people dont live within their means. It would just be a unnessary burden I feel to get into big debt's that are hard to pay off just for temporal things that you dont really need. We all have basic needs that need to be taken care of in order to get by in life but I feel you can be happy without alot of the temporal things that we sometimes lust after but are not really important.

Debt Members

I struggle with this issue myself.  At them moment the only debt I have is a mortgage and car.  I will always have both.  I believe it is better for me to always have a new car so that I don't need to worry about repairs and so it is reliable.  That is my choice.  It isn't best for everyone.  I have dealt with older cars where the repairs become a bigger burden than the car payment would be for a new one.  I own a modest home and my mortgage though high is not higher than rents in the area.  To rent a 2 Bedroom apartment in my city is in the $1200 range.  This would be for a reasonably comfortable apartment but not luxury in a safe neighborhood.  So, if I didn't have the mortgage I would be paying large amount in rent anyway.

I don't currently have any credit card debt and I am really trying hard to keep it that way.  However, I am a product of the spend now pay later culture so I haven't really developed the habit of saving for what I want.  I am trying to do that very thing right now, which is why my home PC is so old.

Members in Debt Studies Doctrine Mormon

Here is a good scripture that helps us to keep our spending in check:

2 Nephi 9:51
Wherefore, do not spend money for that which is of no worth,
nor your labor for that which cannot satisfy. Hearken diligently
unto me, and remember the words which I have spoken; and come
unto the Holy One of Israel, and feast upon that which perisheth
not, neither can be corrupted, and let your soul delight in
fatness.

Page 2 Debt Members

Debt seems to be a particularly bad problem within the church. You would think it would be just the opposite with the teachings we have been given. Were any of you aware that Utah leads the U.S. in per capita bankruptcies and has been in the lead for several years now? The article below suggests large families and lower than average income play a roll in this. But on top of a lower than average income and larger families, church members pay tithing and fast offerings. I wonder if some make the assumption that they will be blessed if they pay tithing and thus on faith alone they overspend? It is true blessings are promised to those who pay tithing but nowhere does it say those blessings will be in the financial area.


https://deseretnews.com/dn/view/0,1249,595051589,00.html

Debt Members

I agree with you on this Gaucho. I have seen it again and again. Even within my own family. My younger sister and brother buy so many Wants and neglect the Needs. Their excuse is: It's marked way down, so I am saving money.

One thing we learned in Enrichment was that you should only have ONE credit card, and to be very very careful with it. You need to have good credit, and by wisely using ONE credit card you can build up your good credit. The teacher said to get a Credit/Debit card and to use it for all of your purchases including food. BUT to be prompt in making your monthly payment. Do Not spend more money using a card than if you were going to spend cash. When the bill comes, don't pay the minimum amount, pay it off. [If you use it as a debit card, then you shouldn't have to worry about a bill right? I don't have one so I don't know]

If you go to get a loan to buy a home, they look at how many credit cards you have. If you have more than two you are considered a poorer risk then if you just have one or two. When you go to get a credit card, make sure the one you get has the lowest interest rates available. You don't want to be paying more interest than you have to, and watch out for cards that charge you a monthly fee AND interest.

Members in Debt

Last night, at my Bishop's request, myself and the High Priest Group Leader in my ward visited a single sister who was requesting financial assistance. What we discovered was she was so far in debt, we really could offer no solution. She's in her early 60's, divorced, living alone and works full time earning $1,600 per month. But she has $14,000 in credit card debt, a $280 car payment, rent and utilities of about $800 per month and medications of about $200 per month. This is before food, clothes etc. She went to credit counceling a few months ago and they told her she was beyond what they could do for her. Her credit cards are spread out over three different institutions that are all charging late fees, penalties and interest because she hasn't paid a dime on them for months. She can't file bankruptcy because she already filed about 4 or 5 years ago.

The Bishop says it is church policy not to pay for consumer debt. We can assist with rent, food etc so that may be a little relief but she is in a pretty bad situation. I think she needs to move out of her apartment and move in with one of her 5 adult kids. None of them are apparently well off but they need to step in and take care of Mom. That will save her the $800 per month and allow her to start tackling the credit card debt.

So, just a word of warning...don't let this happen to you. We have been warned of debt many times from the pulpit. How does everyone here handle debt?

Members Debt - Page 2

By not having my own credit card . Seriously, I don't have one and I don't want one...I could have it if I want to but I rather stay away from credit cards...I think they are useful if you know how to use them but if you do not, then you can get caught in the game very easily.
The only debts I usually have are bills but I cannot consider that as debt as it is something we all have to pay on a monthly basis. My family and I always have the goal of being out of debt, we may end up with 0 dollars after paying our bills but with a calm concience that we do not owe money to anyone.

Members Debt Mormon Doctrine Studies - Page 2

Same here -- no credit cards. I currently have only a car payment and some old student loans that will be paid off soon. And I'm paying $25 a month extra each month on the car loan to pay it off sooner. I have no reason to live any "higher" than my means. We have everything we need, and a lot of things we merely want, and we are not in debt to any credit card. Thank goodness...