I am concerned that some members live beyond their means as they attempt to keep up with their neighbors. We make a very serious mistake when we compare our lives with those who have much wealth, forgetting that most of us have already prospered in the land. Please be content and enjoy the blessings you have already received instead of becoming a slave to unwise use of consumer debt. Never, ever fail to pay your tithing, and make generous offerings to help the poor.
My Philosophy is that you live, as much as possible we should pay as we go. Save for a rainy day....I urge you to live within your means, whatever your means may be.
A Prophet's Voice--Messages from Thomas S. Monson, Threads in Your Tapestry, p441
President J. Reuben Clark Jr.: “Interest never sleeps nor sickens nor dies; … Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you” (in Conference Report, Apr. 1938, 103). A Prophet's Voice--Messages from Thomas S. Monson, Threads in Your Tapestry, p437