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Crystal Cathedral, the megachurch birthplace of the televangelist show "Hour of Power," filed for bankruptcy Monday in Southern California after struggling to emerge from debt that exceeds $43 million.
In addition to a $36 million mortgage, the Orange County-based church owes $7.5 million to several hundred vendors for services ranging from advertising to the use of live animals in Easter and Christmas services.
Interesting last sentence...
"What we're doing now is we're trying to walk what we preach, we're paying cash for things as we go," he said.
Crystal Cathedral, the megachurch birthplace of the televangelist show "Hour of Power," filed for bankruptcy Monday in Southern California after struggling to emerge from debt that exceeds $43 million.
In addition to a $36 million mortgage, the Orange County-based church owes $7.5 million to several hundred vendors for services ranging from advertising to the use of live animals in Easter and Christmas services.
Interesting last sentence...
"What we're doing now is we're trying to walk what we preach, we're paying cash for things as we go," he said.
Well what were you doing before?
They were probably sucked into the "buy now pay later" paradigm just like most Christians I know (including me).
I don't have a myriad of vendors or creditors ganging up against me.
I also don't preach paying 100% cash for a home - especially if a have a plan to move and upgrade in the future.
All I'm saying is that apparently like a lot of businesses/families they got ahead of themselves.
Is there something to this besides the fact that projected income dropped and it caught up with them? If they are purposely ripping people off then that's another story.
All I'm saying is that apparently like a lot of businesses/families they got ahead of themselves.
And ministries! Oral Roberts University came dangerously close to financial collapse because the Roberts family was using university money as its own personal checking account. Turns out having the university and the Oral Roberts Ministries financially intertwined wasn't such a good idea.
Yes, "religion" is costly..in more ways than just money
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