The Lord’s counsel through his prophets has always been to get out of debt and stay out. Being in debt has not only temporal effects, but spiritual effects as well. Debt impacts our ability to grow spiritually. If you are in debt, or know others in debt, think through the reasons for that debt. Are there things that could have been done differently or things you could have done without that would have reduced the need for debt?

Review any debt that you may have, including consumer debt, mortgage debt, or student loans for education. Determine the following:

• What interest rates are you paying?
• What are the additional costs for the loan?
• Are there any other fees?

Write out your debt situation for each debt, including the following: creditor, phone number, reason for the loan, principal owed, interest rate, minimum payment, and when you expect to have the loan paid off. Once you have written down all your debts, determine a debt-reduction strategy to reduce your debt. In the reading “One for the Money” Elder Ashton offers a good method.

Finally, write down your views on future debt. What are your thoughts and what are the reasons you feel the way you do toward debt?