Debt is slavery

1 Nephi 17:40

“And he loveth those who will have him to be their God. Behold, he loved our fathers, and he covenanted with them, yea, even Abraham, Isaac, and Jacob; and he remembered the covenants which he had made; wherefore, he did bring them out of the land of Egypt.”

Some historical refresher… Before the Exodus, the Israelites had been in Egypt for 400 years after Joseph had Jacob’s family move in. At some point during that time, the Israelites became slaves to the Egyptians. Many believe the Israelite “slavery” was not nearly as bad as is commonly depicted in major motion pictures. How did they turn into slaves? Among the reasons, debt is high in the list.Interestingly, modern-day prophets refer to debt as slavery – even the Lord refers to this as he instructs Martin Harris to “Pay thy debt… Release thself from bondage” D&C 19:35.

The evocation of the Moses story was a powerful lesson to Nephi’s family – to any family, even in our day. We will do well to remember that the Lord will deliver us from bondage and slavery as we are consistently loyal and obedient to him. We need to be careful about our debts, yes; but sometimes we fall into financial bondage without much choice in the matter. We can be delivered from our debts, but in the Lord’s time. The scripture says the Lord “remembered the convenants” he made. Clearly he didn’t forget, but they were fulfilled unto the Israelites after many years of slavery and unanswered prayers. We too many need to spend time, even years at a time in our personal bondages, even in debt, before we too are delivered. Our delivery will likely be less miraculous than a deliverer bringing us on an Exodus from our debtors. Rather, small graces must be taken advantage of. Rather than spending unexpected income on frivilous items, pay down your debts. Over time, the Lords tender mercies will add up to our deliverance.

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Exerpts:

“Realize It Is a Spiritual Matter

1. Paying an honest tithing.
2. Paying a generous fast offering.
3. Giving time, talent, and energy toward building the kingdom of God.’
4. Following principles of self-reliance.
5. Cultivating gratitude.

‘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.’

Seek Divine Help

‘So many of our people are living on the very edge of their incomes. In fact, some are living on borrowings. ‘ I am troubled by the huge consumer debt which hangs over the people.’

Budget, Eliminate Acquired Debt, Save

‘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.’

Avoid New Debt

It is all too easy to get wrapped up in an expensive lifestyle. I’ve learned that you don’t have to spend a lot of money to enjoy life to the fullest.Dale Cooper, Garden Lakes Ward, Phoenix Arizona West Maricopa Stake

Teach Children to Live within Family Means

‘I recognize 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.’

Choose an Affordable Home

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