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{Poll} Are You in Debt?

LDS Living - September 06, 2012


Time and again, church leaders have encouraged us to stay away from excessive debt (with rare exceptions). How are we following the counsel?

We've been counseled by our church leaders to try and stay out of debt. There are obviously good things that typically require debt - education and homes, for instance - but it's important to stay vigilant on the slippery slope to financial ruin. 

Debt is not a topic openly talked about, as it's very personal, but we think it's an interesting topic that deserves discussion.

Do members of the Church have a better understanding and grasp on their finances (after all, we are taught at an early age all about tithing, saving for missions, and providing for our future families)? Or are we just as susceptible as everyone else? Take our (as always) anonymous poll below to find out.

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Are you in debt?

How much debt do you currently have?

Where does the majority of your debt come from (excluding home loans)?

How has having (or NOT having) debt impacted your life? Leave a comment below.

Note: responses to this question in the comments below will show the respondee's username only.

© LDS Living, 2012.
Comments 7 comments

zipitypete said...

08:27 AM
on Sep 06, 2012

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The freedom gained from living without debt is worth the denial involved in getting there. Approaching retirement knowing that your home is paid for provides the ability to serve in anyway you wish.

bethanymom said...

08:48 AM
on Sep 06, 2012

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It is stressful having old medical debt hanging over my head. I am slowly getting it paid off. Each step/payment feels better and better. Soon we will be back to being debt free, and that is just so much easier and more peaceful. Though I will admit that with a child who has major medical problems we may find ourselves back in medical debt. It is not an ideal situation, but we have been here before, and we can dig our way back out of it again if we need to. It is frustrating to build up a little savings, just to see it wiped out by something out of my control. It sucks to feel like you are paddling as fast and as hard as you can, but you aren't actually getting anywhere!!

kennyray said...

09:03 AM
on Sep 06, 2012

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if more people followed counsel, more people would be debt free. The key is to not define yourself by the stuff you have. Use it until it wears out (especially cars) and learn to separate wants from needs. We actually don't have as many 'need' as we think we do.

cindy.allison said...

11:47 AM
on Sep 06, 2012

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My husband retired after 25 years in the army several years ago. Our goal was to be debt free and buy a house for cash. With a lot of discipline, we made it. Knowing that we will be fine no matter what happens is a great stress reliever!

djljejmnesbitt said...

02:10 PM
on Sep 06, 2012

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Wow - do that many people actually own their own homes - and cars? The average price for a home in Oregon - for an average-size house - is around $300K. You'd have to be a doctor, lawyer, or other rich person to be able to afford to be debt-free. If anyone knows the secret to accomplishing this without my having to work outside the home to support our large family, please let me know!

mama_al said...

01:21 AM
on Sep 07, 2012

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I think that the questions weren't worded clearly enough. Looks like the "no debt" people might be the ones who are looking at the "excluding home" debt question and answering them all that way (that's what I did). We have a mortgage and a student loan that used to be $65K and now is just under $10K with 18 months to go. It took us 15 years to get rid of consumer debt after a bankruptcy (one of us at the time of marriage) and acquiring more consumer debt to keep afloat during job losses and some medical issues. Make a plan and stick to it. Wants vs. needs. It really means a lot to me to stay out of consumer debt, both mentally and spiritually.

jnewt said...

10:53 AM
on Sep 08, 2012

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Thank you for introducing us to Dave Ramsey! His program has significantly improved our financial outlook.
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