Wedding Day Debt
Statistics show that the average cost of an American wedding is between $25,500 and $33,000. It’s no surprise that a lot of couples are going into to debt. In fact, statistics show that 74% of couples go into debt to get married. Now, there’s a wedding loan out there that does not help matters.
A wedding loan is an unsecured personal loan which has the main purpose of paying for your wedding and reception. Getting a wedding loan would be similar to using your credit card but the interest rate on the wedding loan would most likely be a lot less. Also, you cannot go into a bank to ask for a wedding loan. A wedding loan is actually an unsecured personal loan that you use for your wedding expenses.
A wedding loan can be a good idea if you take it out and pay it off before the wedding day. Otherwise, it just becomes another debt that can cause problems in your marriage. Here are some other options that can keep you from going into debt for your wedding:
- Plan ahead and use your savings.
- Get help from family and friends.
- Budget carefully and plan what you spend.
You do not have to go into debt on your wedding day. Money management, budgeting, and saving apply to weddings too. In fact, if you manage your money on your wedding day, then there is a good chance you will not be fighting about money in your marriage. All the best!
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