Thoughtful Thursday: Repay as Quickly as Possible

“Look to the condition of your finances. Discipline yourself in your purchases, avoiding debt to the extent you can. In most cases, you can avoid debt by managing your resources wisely. If you do incur debt, such as a reasonable amount in order to purchase a modest home or complete your education, work to repay it as quickly as possible and free yourself from bondage. When you have paid your debts and accumulated some savings, you will be prepared for financial storms that may come your way. You will have shelter for your family and peace in your heart”

—See True to the Faith (2004), 48–49

I had really never noticed this part of the teachings on avoiding debt.  When we took out student loans and purchased our home I remember thinking “this is reasonable, we are fine to borrow.”  But, I never really thought that we should repay it as quickly as possible.  

We have plodded along for years simply paying what the banks told us to, not paying more even though we probably could have.  I can’t help but kick myself now when I look back and see all the wasted money.  Money that could have brought us much closer to our debt free goal.
Well, tomorrow is another day and I for one plan on scraping every penny I can find to get our family out of debt.  I want the peace and security that comes from knowing that I don’t owe anybody a cent.

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