From his talk "Pay Thy Debt, and Live", Ensign, June 1987, President Ezra Taft Benson strongly counseled all to get out of debt as soon as possible.
“Think what you do when you run in debt; you give to another power over your liberty.” (Benjamin Franklin.)
"True, times have changed since Franklin’s day, but the principles of truth and wisdom never change. Our inspired leaders have always urged us to get out of debt, live within our means, and pay as we go."
"Our own pioneer forefathers have left us a heritage of thrift, of saving, of freedom from debt. Surely they would counsel us today: “Pay thy debt, and live.” Many people do not believe that serious recession will ever come again. Feeling secure in their expectations of continuing employment and a steady flow of wages and salaries, they obligate their future income without thought of what they would do if they should lose their jobs or if their incomes were stopped for some other reason. But the best authorities have repeatedly said that we are not yet smart enough to control our economy without downward adjustments. Sooner or later these adjustments will come."