Churches filing bankruptcy.

[The Backlash Cometh]

Seems to me someone told me that there's a finance institution that specializes in refinancing church loans. They were doing quite well, and from the gist of the conversation, they were financing Christian own businesses in their enterprises.

I wonder how well they're doing now?

Article:

Even churches are going bankrupt these days

Some churches got caught up in the heady days of the 1990s and early 2000s when megachurches proliferated. The money spent on church construction and expansion more than tripled in 10 years, going from $2.8 billion in 1993 to $8.6 billion in 2003, according to the U.S. Census.

Church congregations were part of the same society that wanted supersized houses and the easy loans that made it possible, said John Farina, associate professor of religious studies at George Mason University in Fairfax, Va. In the competitive marketplace of religion, bigger was better and the way to get bigger was to offer members more for their weekly contributions.

"The easy money and the temptation to spend more money than you make affected the churches just like the culture," Farina said.




http://www.orlandosentinel.com/news/local/os-bankrupt-churches-20110130,0,7821885.story