10 Financial Tips to Help You Follow Prophetic Counsel & Get Out of Debt

Most of us will have to incur some debt in our lifetime. Some even find themselves in a continuous debt cycle. Though not all debt is bad debt, we have been counseled for years by our leaders to minimize our debts and strive to become debt free.

Elder Joseph B. Wirthlin counseled, “Remember this: debt is a form of bondage. It is a financial termite. When we make purchases on credit, they give us only an illusion of prosperity. We think we own things, but the reality is, our things own us. Some debt—such as for a modest home, expenses for education, perhaps for a needed first car—may be necessary. But never should we enter into financial bondage through consumer debt without carefully weighing the costs.”

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So, how can we begin to carry out our leaders’ counsel regarding debt?

Pay an honest tithe and generous fast offering

Exercise faith in the principle of tithing and fast offerings. The Lord has promised blessings to those who make this sacrifice and obey the law of the tithe.

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