Money: Credit Cards

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  Next, I address the subject of debt. This is a day of borrowing, a day when multiple credit card offers arrive in our mailboxes each week. They generally offer a very low rate of interest which may apply for a short period of time; but what one usually doesn’t realize is that after that period has expired, the rates increase dramatically. I share with you a statement made by President J. Reuben Clark Jr., who many years ago was a member of the First Presidency. Its truth is timeless. Said he: “It is a rule of our financial and economic life in all the world that interest is to be paid on borrowed money. … “Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours. … 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.”

  President Thomas S. Monson

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  • Money: Credit Cards

  21 Oct 2026