An important part of self-reliance is to free ourselves from debt.

Doctrine and Covenants 19:35

35 Pay the debt thou hast contracted . . . Release thyself from bondage.

President J. Reuben Clark Jr. said:

“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.”

(In Conference Report, Apr. 1938, 102–3.)