Wedding Loans: A Disturbing Trend

Social media platforms such as Instagram have harmed most young adults. We think we need to live and do things in a certain ‘acceptable’ way. Our weddings must feature on popular wedding and lifestyle blogs. It is a once-in-a-lifetime event, so I need to make it big – you will hear some say. For others, that destination wedding, dream venue, or diamond ring is non-negotiable.

But the question of whether we are financially prepared then comes in. It is estimated that the average cost of weddings in the USA is $28,000.

Wedding Loans: A Disturbing Trend

Will you want to go for a loan just to have that dream wedding?

Wedding loans are personal loans you take to pay for wedding-related expenses such as rings, gowns, venue, rentals, decor, photography, make-up, etc. Loans, in general, can be good or a terrible idea depending on their intended purpose. Most young adults will rather fund their weddings with loans just to have that ‘acceptable’ wedding.

Loans are debts, and debts are major causes of stress and conflicts in relationships; starting your ‘forever’ with debts might not be a great idea. There are instances where wedding loans are being paid long after the collapse of the marriage.

How do you finance your wedding without a loan?

  • Save until that time you have enough for that dream wedding unless, of course, you have a financier for your wedding. Some banks have great savings products for couples who intend to save for their marriage – popular among them is the ‘I Do Account’ of Republic Bank.
  • Cut down on Expenses – If you do not want to postpone your wedding until that time you have enough money, you can cut down on some of the expenses. Consider a low-budget wedding or cutting down on the number of guests.
  • Borrow money from friends and family rather than a bank. Family and friends will likely not charge you interest on the loan. But not paying back on time is likely to strain your relationship with them.

Weddings are Personal. Do not allow social media to influence you. It does not have to be done a certain way, do it your way! Start your future together with a strong financial foundation rather than debts.

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