Crystal Cathedral Files for Bankruptcy

I just read this article about the Crystal Cathedral filing for bankruptcy in California. It was a sad reminder to me that even churches aren't exempt from the pitfalls of debt. Our current economic reality is causing many in our society from governments to businesses to individuals to churches to struggle with past obligations.

When we borrow money, we presume on the future. We presume that future cash inflows will cover cash outflows. We presume that future property values will be higher than present values. We presume that the economic future will always be as good or better than the present. When the future doesn't turn out like we presumed, then debt begins to affect our lives, our ministries, our businesses, our country, our future.

Although it may not be realistic to completely avoid debt (each of us has to make our own determination), I think we have to carefully consider the pitfalls before we enter debt obligations. We should include the worst case scenario in our assessment of the future. If we aren't careful our debt will control our future.