© 2008 Jose Luis Pelaez
The large financial burden of hosting a wedding can cause some couples to turn to other methods of payment and increase their debt.
Wedding costs are on the rise making it hard for the average couple to afford to pay for their nuptials.
According to The Knot‘s annual report, today’s couples are shelling out over $30K for their wedding day on average. From the wedding attire to venue, couples are entering matrimony with a heavy inancial burden, and lots of debt.
While some lucky couples receive financial assistance from their parents or family members when the time comes to plan their wedding celebration, countless others must absorb the brunt of the wedding costs with little to no help, and they do so by leaning on other financial methods like loans or credit to pay for wedding expenses.
Sabah Karimi of GoBankingRates.com shared, “Wedding loans are essentially personal loans that will cover the cost of your wedding. They mostly require you to make minimum payments every month. Those payments vary based on your credit score.”
Although loans can be a quick solution to the wedding costs, receiving money from family members may involve less debt.
“It can be convenient to get a personal loan to cover the costs of the wedding. However, keep in mind that you are paying for a single-day event with a loan that could take a few years to pay off,” Karimi suggested.
Other alternatives to loans would be to realistic on your wedding budget, incorporate DIY decor and stick to affordable prices.
You may risk loosing control over certain aspects of your wedding by relying on family members, but going into a marriage debt free can be the solid foundation to a healthy and happy marriage.
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