"Tongan fishermen glide over a reef, paddling their outrigger canoes with one hand and dangling the maka-feke over the side with the other. An octopus dashes out from its rocky lair and seizes the lure, mistaking it for a much-desired meal. So tenacious is the grasp of the octopus and so firm is its instinct not to relinquish the precious prize that fishermen can flip it right into the canoe. . . Today we are surrounded by the maka-fekes which the evil one dangles before us and with which he attempts to entice us and then to ensnare us. Once grasped, such maka-fekes are ever so difficult—and sometimes nearly impossible—to relinquish. To be safe, we must recognize them for what they are and then be unwavering in our determination to avoid them."
President Monson then discussed several maka-fekes in our lives. Debt was the final maka-feke that he talked about:
The final maka-feke I wish to mention today is one which can crush our self-esteem, ruin relationships, and leave us in desperate circumstances. It is the maka-feke of excessive debt. It is a human tendency to want the things which will give us prominence and prestige. We live in a time when borrowing is easy. We can purchase almost anything we could ever want just by using a credit card or obtaining a loan. Extremely popular are home equity loans, where one can borrow an amount of money equal to the equity he has in his home. What we may not realize is that a home equity loan is equivalent to a second mortgage. The day of reckoning will come if we have continually lived beyond our means.
My brothers and sisters, avoid the philosophy that yesterday’s luxuries have become today’s necessities. They aren’t necessities unless we make them so. Many enter into long-term debt only to find that changes occur: people become ill or incapacitated, companies fail or downsize, jobs are lost, natural disasters befall us. For many reasons, payments on large amounts of debt can no longer be made. Our debt becomes as a Damocles sword hanging over our heads and threatening to destroy us.
I urge you to live within your means. One cannot spend more than one earns and remain solvent. I promise you that you will then be happier than you would be if you were constantly worrying about how to make the next payment on nonessential debt. In the Doctrine and Covenants we read: “Pay the debt thou hast contracted. … Release thyself from bondage.”