"Beware of covetousness," the Savior said, "for a man's life consisteth not in the abundance of the things which he possesseth" (Luke 2:15).
An earlier warning against covetousness is contained in the last of the Ten Commandments: "Thou shalt not covet thy neighbour's house, thou shalt not covet thy neighbour's wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbour's" (Exodus 20:17).
President Gordon B. Hinckley, while serving as first counselor in the First Presidency, wrote of "a trap that can destroy any of us in our search for joy and happiness. It is that devious, sinister, evil influence that says, 'What I have is not enough. I must have more."'
Further, President Hinckley wrote that there have been changes in the world since the time the Lord gave the Ten Commandments but human nature has not changed: "I have observed that there are many in our present generation who with careful design set out on a course to get rich while still young, to drive fancy automobiles, to wear the best of clothing, to have an apartment in the city and a house in the country — all of these, and more. This is the total end for which they live, and for some the means by which they get there is unimportant in terms of ethics and morality. They covet that which others have, and selfishness and even greed are all a part of their process of acquisitiveness.
"Now, I know that everyone wants to succeed, and I wish that everyone might succeed. But we must be careful of how we measure success. One need only read the daily newspapers to know of case after case of those whose driving, selfish impulses have led to trouble and serious, abysmal failure. Some of those who once drove about in the fanciest of cars and owned the fanciest of homes are now languishing in prison. They are, without question, persons of tremendous capacity and ability. They have good minds, but their cleverness led to their downfall.
"I think if the Lord were speaking today and giving us the last of the Ten Commandments, He might say, 'Thou shalt not covet thy neighbor's house, thou shalt not covet thy neighbor's wife, nor his position in society, nor his car, nor his boat, nor anything that is thy neighbor's"' (First Presidency Message, Ensign, March 1990, p. 2).
Covetousness is a terrible affliction. "It creates greed and resentment. Often it leads to bondage, heartbreak, and crushing, grinding debt," said Elder Joseph B. Wirthlin of the Quorum of the Twelve in his April 2004 general conference address.
"The number of marriages that have been shattered over money issues is staggering. The amount of heartbreak is great. The stress that comes from worry over money has burdened families, caused sickness, depression, and even premature death."
Through the generations the Lord's servants have cautioned against debt, which has been likened to a form of bondage. "It is a financial termite," Elder Wirthlin said. "When we make purchases on credit, they give us only an illusion of prosperity. We think we own things, but the reality is, our things own us."
Eighty-five years ago President Heber J. Grant made a statement that is as applicable today as it was in the years leading up to the Great Depression: "From my earliest recollections, from the days of Brigham Young until now, I have listened to men standing in the pulpit...urging the people not to run into debt; and I believe that the great majority of all our troubles today is caused through the failure to carry out that counsel" (Conference Report, Oct. 1921, p. 3).
Latter-day prophets have counseled members to build up savings, get out of debt and stay out of debt, and to live within their means. If members would avoid covetousness they would be less likely to go into debt.
In addressing the priesthood session of general conference in October 1998, President Hinckley said: "Many of our people are living on the very edge of their incomes. In fact, some are living on borrowings....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" (Ensign, November 1998, pages 53-54).
Covetousness plays a major role in leading people into the bondage of debt.