A former priest’s confession: how I ended up drowning in debt

Last updated on: September 30, 2016 at 5:08 pm by Deacon Greg Kandra

A former priest’s confession: how I ended up drowning in debt 2016-09-30T17:08:49-04:00 Deacon Greg Kandra

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

A cautionary tale from financial expert Philip Cioppa — who just happens to be a former priest:

Most of you don’t know it, but for 18½ years I served as a Roman Catholic priest. In 2001, I left the priesthood in excellent standing to pursue other avenues in life.

When I left however, I was deep in credit card debt. I dug myself out eventually, but looking back at my situation, I marvel at how easy it was to get into debt in the first place.

It used to be that every Catholic priest lived in a rectory, had a housekeeper, a cook and a maintenance man on premises. However, let me assure you, times have changed.

Today the rectories are very often uninhabited, the cooks are gone and the maintenance man could very well be the priest himself.

Clearly, the life of today’s typical priest mirrors the reality of his parishioners, including the fact that it’s often full of financial difficulty.

When I was ordained in 1983, I earned $8,400/year. When I left in 2001, I earned (after taxes, Social Security and Medicare) $18,000/year.

Out of this salary I had to pay for my car, car insurance, life insurance, clothing and personal care expenses, not to mention an annual deduction for health and dental care.

When all was said and done, I was left with an average of $11,000/year to live on, which did not leave much for pursuing more in life than sitting in my room, which some unenlightened Catholics feel a priest should do anyway.

So, what did I do? I got credit, of course!

In late 1983, I was so proud to receive my first credit card from a major bank. I got the card, which had a $1,000 credit limit, through the assistance of a friend’s sister, as I clearly did not qualify.

I swore I would only use it for extreme necessities. However, soon after getting that first card, I began to receive offers for more and more of them.

Read the rest.

Priests

Previous Post

April 24, 2012

Kansas law would require churches to host gay weddings -- UPDATED

Next Post

April 24, 2012 UPDATE: Fr. Everett Hemann dies

Browse Our Archives

Select a Category "Mad Men" 9/11 advent All Things New Amazing video amazing videos amazon america Anglicans Anti-Catholicism art ascension thursday ash wednesday Atheists baltimore Bible Bishops Blogging bonnie engstrom Books bridgeport Brooklyn Chaplains children christian art christmas Church Churches CNEWA Converts criticism Deacons Death Penalty easter eastern christian Eastern Christians Ecumenism Education education Eucharist Europe euthanasia Evangelization Exorcism Family Feasts Gay rights Good Friday Great links Great Moments in Journalism Hanging with the saints heather renshaw Hispanic Catholics Hispanics History homelies Homilies Humor Hymn of the Week Immigration indianapolis Inspiration Interfaith news ireland Jesus Jews Journalism Judaism lent Liturgy logos Marriage Mary Media Medical news Mental health Middle East Monks Movies Music Muslims My world and welcome to it New Evangelization new york News Nuns Parenting Parish life peoria Persecution politics Politics Pope pope francis pope john paul Prayer Preaching Priests Pro-life Quote of the day radio rebecca frech ripp Ripped from the headlines rippred from the headlines Sacraments saints Scripture sex abuse Sex abuse crisis SEX ABUSE CRISIS TAGGED WITH: SEX ABUSE CRISIS The people in the pews the visitation project theatre This & that Thomas Merton Trappists TV uncategorized Uncategorized VATICAN Vatican vocation Vocations Voices & Views Women Worth a thousand words Writing Year of Faith year of mercy young people

Select a Month December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010

TAKE THE

Religious Wisdom Quiz

Cast your bread upon the waters and after many days you will find it again. What does this encourage?

Select your answer to see how you score.

Generosity Patience Sharing Fishing

Books by This Author Books by Deacon Greg Kandra

See All Titles »