The first decision that has to be made when planning a wedding is the budget and how to pay for the event. Until these matters are settled you can’t even decide how many guests you can afford to invite. Don’t rush off to borrow the money right off because taking out a wedding loan is serious business. Tricia Spencer, author of “1001 Wedding Ideas; The Ultimate Resource for Creating a Wedding No One Will Forget”, offers this advice on whether you should take out a loan to pay for your wedding.
Taking Out a Wedding Loan is Serious Business
As with any loan, the ability to pay it back is a priority consideration. For brides and grooms uniting two healthy incomes, a reasonable expectation of paying back the loan without extraordinary sacrifice may exist. Under such circumstances, a wedding loan can be a convenience that makes sense. Taking out the loan would allow more immediate money to produce a dream wedding without delaying the nuptials.
On the other hand, if a couple is uniting two average incomes, the burden of paying back a large loan may bring unnecessary stress to a new marriage. Even worse would be a scenario in which newlyweds share a single income after marriage. A marriage loan is enticing, and amidst the excitement of wedding planning, it’s easy to think only of the present. But for some couples, a wedding loan can be a devastating blow, the kind of blow that a new marriage may not survive.
Where the loan originates is also a deciding factor. It is no difficult feat to find a predatory lender who specializes in bad-credit loans for weddings or any other purpose. These lenders usually possess superior power-of-persuasion skills, and no one is more vulnerable than a bride who simply wants the wedding of her dreams. But taking out a high-interest personal loan to finance a wedding makes little sense for any bride and groom.
Couples need to make sure they are honest about their financial situation and remember to be realistic when it comes to expectations. The bride-to-be may have a glorious vision of her wedding day in her head but when it comes down to it, sometimes there’s needs to be a reality check. It’s a lot less stressful to plan a wedding that fits your budget than to be paying the bill for the event, with interest for years to come.
What are your thoughts on taking out a loan to pay for a wedding? Does it sound reasonable to you?