There are many churches currently struggling with incredible debt loads. Their God-given vision is unable to be fully-funded because of debt. Let’s make our church’s debt disappear.
5 Myths about
a Church Debt Reduction Plan
There are many churches currently struggling with incredible debt loads. Their God-given vision is unable to be fully-funded because of debt. Let’s make our church’s debt disappear.
Myth 1: A debt reduction plan is purely a fundraising effort.
A debt reduction plan should be a spiritually transforming event for the entire church. It is a call to obedience and sacrifice for His Kingdom. Our church’s current debt position is impeding the vision God has given us.
Myth 2: People will not give to reduce debt that they did not sign up for. When the church family fully understands the debt situation and the opportunities being missed as a result of debt repayment, they will “own” the debt and help eliminate it.
Myth 3: No one will give to debt reduction. The truth is that people will give cheerfully, generously, and sacrificially to debt reduction! We need to understand that less debt = more ministry.
Myth 4: All church debt is wrong. Church debt is not wrong if ministry objectives are being achieved. At times, financing is necessary for the church to achieve some of its larger ministry goals.
Myth 5: We can’t pay off our debt any faster than our current payments. When people give in accordance with God’s Word, debt will be eliminated. One reason so many churches have debt is because so few people are truly giving in obedience. They have not been taught how to manage their money according to God’s Word, or they are being disobedient.
Did You Know?
Mortgage Facts…
FACT: In 2004, WBC borrowed $8.5 million and paid $59,000 per month or $708,000 per year.
FACT: In 2009, WBC refinanced $8.1 million and paid $58,000 per month or $696,000 per year.
FACT: In 2016, WBC refinanced $6.4 million for 15 years with a monthly payment of $49,000 or $588,000 per year.
FACT: In the past 12 years, WBC paid a total of $8.4 million toward the mortgage debt. However, WBC still has a remaining balance of $6.4 million.
FACT: By 2031, WBC will have paid $17.2 million on an original loan of $8.5 million.