Pay the debt thou hast contracted… Release thyself from bondage. (Doctrine and Covenants 19:35)
Those are some strong words. The fact that the Lord equates debt with bondage is something that we should all keep in mind.
Currently the US is facing some of that hardest of economic times we have ever faced. The main cause of this “recession” is the copious amounts of debt that the citizens and the government itself has allowed ourselves to get into. People borrowed money in order to buy houses they could not afford otherwise. The government passed regulation to allow people to borrow money even though there was a high risk of default. The government has been borrowing money in order to meet the obligations it has set upon itself for the last few decades. Frankly, we are in bondage to our debtors. Continue reading