The average American wedding costs in the order of $25 - 28,000. "Where," I ask myself, "do they get that much money?" Sadly, for some the answer is "debt." Couples are using bank loans, lines of credit, loans off their 401K's, and -- the ultimate in bad financial decisions -- their credit cards.One couple started off their married life with $20,000 in wedding debt on a single credit card. Can you imagine what the minimum monthly payment will be? And if you want to actually CLEAR that debt in the next two or three decades, you'll need to make more than minimum payments. With financial issues being one of the top reasons for divorce, this is just NOT a good way to start a marriage.
Here are some tips from the Consumer Credit Counseling Service:
1. Plan ahead. Start a high-interest savings account or a money market fund, and make regular payments.
2. If necessary, prolong your engagement until you have the funds. If you don't want to do that, tone down the wedding.
3. Communicate. Discuss every aspect of what you'd like in the wedding.
4. Compromise to stay within budget. If it's a choice between being flexible with the bottom line, or being flexible with wedding perks, go with the perks. No one will know that you'd wanted a 6-piece woodwind ensemble when they see you walking down the aisle to the church's organ.
Remember: A wedding is a day, a marriage is a lifetime. Don't start that lifetime crippled by debt.
2. If necessary, prolong your engagement until you have the funds. If you don't want to do that, tone down the wedding.
3. Communicate. Discuss every aspect of what you'd like in the wedding.
4. Compromise to stay within budget. If it's a choice between being flexible with the bottom line, or being flexible with wedding perks, go with the perks. No one will know that you'd wanted a 6-piece woodwind ensemble when they see you walking down the aisle to the church's organ.
Remember: A wedding is a day, a marriage is a lifetime. Don't start that lifetime crippled by debt.
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