Debt - this may be the topic of the year. Most people do not want to talk about it. Many look at it as a fact of life, something that is as common as death and taxes. However for the Christian we know that debt is something to avoid. Prov 22:7b says the borrower is the slave of the lender. Families, businesses and churches do go into debt to buy homes, cars, buildings and other tings to run their business. Churches drive ministries and programs to accomplish their mission and vision. Debt is a part of Christian's lives and responsible planning can tolerate some debt. However, anyone that is in debt MUST count the cost.
If an individual or a church decides to take on debt, the responsible choice is to ensure you have a plan to completely pay off that debt. Many lenders will loan a church 3 times their annual budget. This DOES NOT mean every church can afford that amount of debt. Each church as well as individuals has a debt tolerance that they know they can handle. I know of many churches that have determined debt will not be a part of their building process, others are willing to be aggressive and borrow more than 3 times heir annual budget through a bond program. The bottom line is to avoid the "if we build it they will come" strategy and count the cost to know exactly how debt will affect your ministry.
Contact me today for a free consultation regarding your current debt situation. johnm@thechurchconsultants.com
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