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  • Bob Brooks

Is Marriage Worth Going into Debt?

There is something about love being in the air that turns our common sense off. I get it. I can think back to my wedding. I wanted Cheri to have everything she ever wanted in a dream wedding. The problem was that we were paying for it ourselves. As you know, weddings are not cheap! This Yahoo article (link) gives this following statistic:

"LendEDU conducted a survey of 1,000 recently-hitched Americans to find out just how many were taking on debt from credit cards, personal loans and other options to finance a marriage worthy of social media.  

Those taking on debt to finance their wedding are spending nearly double the average cost. Not surprisingly, debt was used to finance more expensive weddings. Whether or not that more lavish ceremony was necessary is a question that will be addressed later on in this analysis.

On average, recently married respondents that went into debt to cover costs associated with their ceremony spent $7,182 more than the overall average of $10,726. With the help of debt, many respondents nearly doubled the cost of the average wedding figure that was found amongst all survey participants."

Since you are making a decision mainly on an emotional level, there are plenty of lenders who will loan you the money. I would strongly advise against going into debt for a wedding. However, love is a strong emotion and typically wins out when it comes to decision making. Take the following tips into consideration.

(1) If you are going to borrow money, have a plan to get out of it ahead of time

This is a great opportunity to dive head first into a conversation about money. It is important to agree ahead of time that you are making this choice and this is how it will be paid off. IT IS VITALLY IMPORTANT THAT BOTH THE BRIDE AND GROOM BE INVOLVED IN THE DECISION MAKING.  

(2)  Don't make this a habit

This is your first transaction as a couple. It is easy to rely on debt to get the things you cant pay cash for. Every time you get into debt it makes it that much easier to do it again.

(4) Get a lower interest rate personal loan and don't use a credit card

Personal loans have lower interest rates. With a credit card you could be paying 20% plus. That quickly puts you in a bad spot.

(5) Put a solid, no compromise budget together

The biggest mistake you can make is go through the wedding planning process without a budget. This is where things get out of control. Figure out what is most important and spend frugally as possible.

Remember this is about the marriage and what happens in the church and not an elaborate party. People are there to celebrate YOU. A low cost party works just as fine. The worst thing you can do is just spend without a plan. I know first hand what a financial mistake that can be.  

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