Hundreds of Churches going Bankrupt

The current economic crisis has even effected churches:

During this holiday season of hard times, not even houses of God have been spared. Some lenders believe more churches than ever have fallen behind on loans or defaulted this year. Some churches, and at least one company that specialized in church lending, have filed for bankruptcy. Church giving is down as much as 15% in some places, pastors and lenders report.

The financial problems are crimping a church building boom that began in the 1990s, when megachurches multiplied, turning many houses of worship into suburban social centers complete with bookstores, gyms and coffee bars. Lenders say mortgage applications are down, while some commercial lenders no longer see churches as a safe investment.

I wonder if the masajid in America have a seen a decline in donations.

Source: Wall Street Journal

2 Replies to “Hundreds of Churches going Bankrupt”

  1. part of this collapse has also to do with the loans that have been taken out to establish the churches in the first place. an issue, walhamdulillah, most of the masajid do not have to deal with.

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