Imagine standing at the altar on your wedding day. Staring deep into your beloved’s eyes, suddenly, you are struck by the thought that this one “priceless” moment is costing you over $30,000. And that doesn’t include the five-day, four-night honeymoon in Cancun. What have you done?
According to The Knot, the national average for the cost of a wedding in 2016 was a whopping $35,329. And since most couples don’t have that kind of cash upfront, many turn to loans to finance all or some portion of it.
Technically speaking, there’s no such thing as a “wedding loan.” A wedding loan is just an unsecured personal loan where the interest rate is based on the creditworthiness of one or both potential spouses. But kicking your marriage off with debt is a recipe for unnecessary stress and hardship. It can set you back financially before you even gain any momentum in what should be a new, exciting chapter of life.
If you are contemplating using a wedding loan to help you pay for your big day, here are three key things you should consider… Read more.