Thursday, January 28, 2016

Should I Pay off My House?

A few quotes I found while pondering the question, "should we work to pay off our house (even with an interest rate under 4%)?"

President Benson: "Now, when personal incomes are generally high, is the time to pay off obligations...Let us use the opportunity we have to speed up repayment of mortgages and to set aside provisions for education, possible periods of decreased earning power, and emergencies the future may hold."

President James E. Faust: “It is important to learn to distinguish between wants and needs. It takes self-discipline to avoid the ‘buy now, pay later’ philosophy and to adopt the ‘save now and buy later’ practice. …

“Owning a home free of debt is an important goal of provident living. … Homes that are free and clear of mortgages and liens cannot be foreclosed on. When there are good financial times, it is the most opportune time to retire our debts and pay installments in advance. It is a truth that “the borrower is servant to the lender.” (Prov. 22:7.)

“… Independence means … being free of personal debt and of the interest and carrying charges required by debt the world over”

President Spencer W. Kimball: “All my life from childhood I have heard the Brethren saying, ‘Get out of debt and stay out of debt’”

Elder L Tom Perry: "Wisely we have been counseled to avoid debt as we would avoid the plague… A well-managed family does not pay interest—it earns it”

President Hinckley: "I urge you … to look to the condition of your finances. I urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt to the extent possible. Pay off debt as quickly as you can, and free yourselves from bondage."

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