What are your thoughts on taking out a loan for a wedding?

Question

I'm eventually going to get married and me and my boyfriend/ future fiance want to do it in the summer of 2008, because the next year we will both be going to ut-austin....what are you thoughts on taking out a loan to be able to pay for our wedding, we both have good credit and pay off debts asap....any advice, thoughts, ect...

Answer 1

i think i know who you are, i think were related....this isn't a wise idea....learn from other people's mistakes........love you.....your cuz

Answer 2

I think it's a HUGE mistake. Personally, the only debt I like to take out is for a house, and vehicles. Starting your marriage off in debt is not a good way to start it. Plus, will you also have student loan debt to be paying off as well? I wouldn't reccommend it to anyone. Get a 2nd job and put all that money towards a wedding fund, you have a year to do it, so you have plenty of time. I have a good friend who works as a security guard for an apartment complex--well, he works in the office. He's there to watch the weight room, and give packages to residents in the evenings. He works from 6-11pm, and basically all he does is sit there. He says it's GREAT for being able to study at the same time. I'm sure if you looked around, you could find something like that. Good luck!

Answer 3

My son and his fiance did use their credit cards and take out a loan for a very nice wedding. Her parents helped her, as well. My husband and I helped as much as we could.

After two years of marriage and some debt, my son and his wife tell us that they wish they had had a simple wedding and spent more money on the honeymoon.

A small, small loan may be okay, but don't go overboard. You will have college expenses, rent, etc. Think about that. Gasoline is more expensive, groceries cost more, etc. You want to be happy after the wedding/marriage. Money worries can certainly put a damper on that.

Stay wise and don't start thinking about children until you have finished school, paid off some debt and become somewhat established. Congratulations!

By the way, you live very close to us (Kerrville) and my son and his wife (San Antonio). Austin is a kewl place to be. Good luck!

Answer 4

You know, when I first started planning my wedding, I was adamant about not going into debt over it, but now that my wedding is 2 months away, I've just decided that I want a nice wedding, and if I have to pay off my credit card for a few months after, I'm ok with that. My fiance and I both want a nice wedding, and agree that it is worth it to us to make those payments for a while after.

Weddings are very expensive, and most people I know, don't have $10-$30k (or more!) just laying around to spend.

Anyway, as long as you don't get it over your head, and it's worth it to both of you, I think it is an ok thing to do.

Good luck to you!

Answer 5

I don't like the idea at all of taking out a loan for a wedding. I suggest an inexpensive wedding or even going to a JP, but do not saddle yourself with debt for your wedding. You *think* you'll be able to pay it off ASAP, but life doesn't always work that way. Plus, going into debt will add stress to your relationship and delay you being able to buy a house. Getting yourself in debt from your wedding is a bad way to start off a marriage.

Answer 6

Not good.

1) Wedding's were originally set up so the young couple could be with family & get basic needs (blankets, dishes) to make a home. This is why the Brides parents paid for the wedding; as they usually had more people comeing to the party.

2) A Wedding you can't affford is telling your loved one's that you are financially doing well ... in fact, so well, you can spend $100-$500 per person to party with. So, you're LIEING to your family and friends. Then you're family and friends will bring you cheep gifts (because they think you're rich) ... and after the wedding, they'll expect you to keep spending money like you did at your wedding (based off the lie that you can afford this).

3) Most divorces happen because of financial problems. So, a "loan" for a party will loom over your marriage for a long time.

Answer 7

If you are able to pay off debts ASAP, you should also be able to save the money ASAP. If you are getting married in the summer of 2008, you have a year to save. Do not jump into your marriage in debt...that is not the way to start your future together. If you can't afford it, don't do it. Have a small wedding and do a larger renewal of vows when you have enough money to do a bigger event.

Answer 8

I think it's an incredible waste to spend lots of money on a big fancy wedding even if you have the money. To go into debt for one is pure insanity.
Stick w/something modest that you can easily afford. Don't concern yourself w/being the center of attention, or impressing family and friends. That's not what marriage is about. Don't bother inviting guests you need to impress. The only guests that matter are the ones that are there to share in your happiness.
Make your wedding ceremony short and sweet (sitting thru long ceremonial hum drum isn't entertaining.) Everyone is just waiting to see the pretty bride and the deed done so they can go party.
You can have a reception party in your home (a friend or family members home) with some extra folding chairs and tables in the house and even the backyard if it's presentable-
Some mixed CD's and stereo for music -
a few trays of appetizers and finger foods -
a cooler of sodas and beer -
a few bottles of champagne -
a wedding cake-

Don't worry about decorations and party favors (can't eat or drink them they just get in the way, tore up then thrown away)- No fancy invitations (stay basic/simple).
The only important memorandum needed is a few digital cameras-
A guest/gift/address book to send thank yous.

Or even better ELOPE and spend your money on a vacation/honeymoon.
Then all you need to worry about is sending out announcements to tell everyone you got married, w/ photos of the bride and groom.
No guests, no rushing, no complicating plans to make. No big wad of money thrown away, no great expectations or disappointments....
Nothing to stress out about.

Just relax and enjoy your time alone together.

Answer 9

Why would you do this? Weddings aren't fundraisers. You'd save a lot of money getting married at city hall. Starting off deep in debt is a bad idea. I'd even wait until you were out of college. You're going to have student loans up the wazoo too.

Answer 10

DONT DO IT. really. I saw an episode of Oprah once where one of her finiancial planners were talking with couples about debt. One couple they were interviewing were planing their 30k wedding and putting all 30k of it on credit cards and loans. She asked them "what do you think the minimum payment would be each month? And how long do you think it would take you to pay it off?" They both kinda giggled (mind you they were both in their late 20's) And said "about $300 a month for 10 years" In actuality the financial planner crunched the numbers and at an AVERAGE percent rate of 6.25% (Some credit cards were lower, some higher) Their MINIMUM payments would be $559 a month for the next 90 YEARS! - needles to say the couple wasn't laughing anymore.

And just think 30k is what "they say" the average wedding costs! I got married in Napa last year for only 5k. And that was for EVERYTHING. They church, reception site (at a resteraunt), food, photography, flowers, dress, tux, hotel, transportation, EVERYTHING. It took a bit of work, but my husband and I made a decision early on that we were NOT going to go into debt for this. Try to keep in mind although it is one of the most important days you'll ever experience, it dosen't have to cost you the rest of your life. And more importantly your guests don't want or expect you two to go into debt for them!

I would sit down with your fiance and make a list. Each of you a top three of what's most important about "your wedding" (For myself it was location/food, flowers, photography, for my husband it was location/food, cost, and photography). And together we found we would put more $ into location & food cause that's something that meant the most to us both.

And as I'm sure you've heard this, or have been hearing it, it's about the marriage not just that day. I wish you two the best! And congrats!

Answer 11

My fiance and I also toyed with the idea of taking out a loan for our wedding but then decided that we didn't want to start our life together in the hole. We sat down and discussed how we could save money and where we could find some extra money. Consider all of your options before making a decision this important.