Thursday, June 25, 2009

If Ye Are Prepared....

We received the following video in an email and thought we would like to share it. One item not mentioned in the video is following the prophets about getting out of debt. Our Branch President here in Iceland is so grateful he followed the prophet's council and is out of debt. With the financial crises in Iceland his income has gone down and the cost of everything has gone up (food over 25% in the last 9 months) but he is not worried as they are debt free. Just one challenge Icelanders face is indexed mortgages. A friend of the Branch President bought a house in 2007 with a 22,000,000 ISK loan and now the value of the house has dropped but due to indexing his loan is now 43,000,000 ISK. Talk about the dream of home ownership gone bad.

1 comment:

H. Wimmer said...

I'm so glad Doug and I followed the spirit and waited to buy a house.