These new stats about how couples pay for their dream wedding day will alarm you.
I now pronounce you broke.
Despite their location, throwing a lavish wedding celebration in the U.S. will cost a bride and groom thousands of dollars, especially if they have a large guest list.
New statistics reveal that more and more couples are relying on credit to help afford their dream wedding day without compromising on style or size. According to a recent survey conducted by popular wedding planning site TheKnot.com in conjunction with PayPal, 36 percent of recently married couples paid for their wedding using credit cards. But what if you don’t have a $40,000 credit line? Approximately 16 percent of couples confess to having borrowed money from a friend or family member to pay for the big day, while a whopping 57 percent of couples borrow money from a credit card or financial institution to finance their wedding. Oy vey!
While one might assume that planning without a budget could be the culprit, the survey says 31 percent of newly engaged couples set their wedding budget immediately after getting engaged.
Going into debt to tie the knot is what wedding industry experts like to call having a “red wedding” because the couple’s bank accounts are in the red after the fun is over. The survey reveals that this happens more than one might expect. Close to 21 percent of couples will spend more then they can really afford.
Are you willing to go into debt before you ever say “I do”?