Financial advice, please! [LONG]

posted 3 years ago in Money
  • poll: Which scenario makes the most financial sense?
    Scenario 1: get rid of the student loans : (5 votes)
    6 %
    Scenario 2: get rid of the credit card debt : (55 votes)
    61 %
    Scenario 3: wonky hybrid : (20 votes)
    22 %
    Scenario 4: pay for the wedding in one swoop : (2 votes)
    2 %
    Obligatory "other" : (8 votes)
    9 %
  • Post # 3
    2355 posts
    Buzzing bee
    • Wedding: September 2014

    My advice is that you cannot afford a $10,000 wedding. I’ll read through your post and vote when I finish it.

    Post # 4
    12875 posts
    Honey Beekeeper
    • Wedding: June 2011

    I would get rid of the credit card debt, followed by loans.  And have a MUCH smaller wedding.  Sorry, but it really doesn’t sound like 10k should be spent on a wedding in this situation.

    Post # 5
    11607 posts
    Sugar Beekeeper
    • Wedding: November 1999

    I think that number 4 makes the most financial sense if you’re set on a 10k wedding.  Credit card debt is bad debt, whereas student loan debt is more acceptable.  You want to get rid of that as fast as you can.  Then put the rest away towards the wedding, because you don’t want to create new debt just to pay for a wedding.  Financing a wedding and starting a marriage off in debt like that is a bad idea.


    I  understand your FI won’t get immediate help with his student loans, but ultimately it will help him, because, assuming his loans/debt gets paid from a joint account after marriage, there is more money to go around after the payments are made.  To be honest, I also wouldn’t pay off someone else’s debt until we were married.  DH and I both have student loans, and I would not have contributed to his before we were married/had a joint account, and he did not contribute to mine.  Now, both payments come out of our joint account, and even though his is significant more and we’ll be paying it longer (private law school) – it’s not really a concern of how much I’m paying for his loans anymore.


    Post # 6
    204 posts
    Helper bee

    @pinkshoes:  +1

    Also credit card debt is likely at a higher interest rate. Student loans also look “better” on your credit report than credit card debt. I would pay off the credit card & chop it up when you are done 🙂

    Post # 7
    2725 posts
    Sugar bee
    • Wedding: August 2012

    Scenario 5: Cut your wedding budget to something you can afford without putting anything on credit. Even if it means delaying the wedding.  Don’t hurt your credit for a party (and taking out more debt WILL hurt your credit-your consumer debt alone is half your income).

    Post # 8
    2657 posts
    Sugar bee

    I would absolutely get rid of the credit card debt first.  Without knowing your interest rates, I’m going to guess that the interest rates on the credit cards are the highest and are variable, whereas the student loan rate is likely lower and fixed.  If that is the case, you need to get rid of the CC debt first because it will continue to grow at the fastest rate.  I think scenario 2 is the best option out of those.

    That being said, I don’t think it is a good idea at all to get into more credit card debt to pay for a wedding.  Yeah there are a lot of attractive offers for zero interest for new users, but any slip up on your part will put you back into making high interest payments.  I think it would be better to either reduce the wedding budget or seek assistance from family on contributing to the wedding at the current budget.

    Post # 9
    1867 posts
    Buzzing bee
    • Wedding: March 2013

    Before you split the cheque that’s coming to you, talk to your fiance about his financial obligations. I wouldn’t be comfortable planning to marry someone who had an unknown amount of debt (and I say this as someone who has a lot of student debt). You guys need to sit down and figure out exactly, to the penny, how much you each separately owe on all of your loans and credit cards, the interest rates on each, the monthly payments due, and what you’re going to be paying if you pay only the minimum monthly payment each month. 

    I would use that money to pay off the debt that has the highest rate of interest. I’m not sure I would use my own family money to pay off my partner’s debt before marriage personally.

    I wouldn’t use this money for the wedding whatsoever, even if it means you can’t afford a $10,000 wedding. Paying off your debt and starting your marriage with as little financial baggage as possible is a better plan.

    Post # 11
    6158 posts
    Bee Keeper
    • Wedding: October 2013

    @Phamnomenon:  pay off the loan that has the highest interest

    Post # 12
    540 posts
    Busy bee

    Pay off YOUR credit card debt. Then put the rest of the $ aside.

    Student loans is not considered ‘bad’ debt. And i don’t think  you should pay off your FI’s credit card debt with a ‘gift’ from your family.

    Do not put anything for your wedding on a credit card…if you can’t afford to pay for something in cash, then don’t do it.

    Post # 13
    2419 posts
    Buzzing bee
    • Wedding: August 2015

    My advice is that you pay off your credit card with the check, then put whatever you are paying towards that credit card towards the student loan with the higher interest rate. Put the rest of the money from the check into your savings account and wait until mid-2014 to decide if you are really able to afford a $10k wedding the following year.

    Post # 14
    11772 posts
    Sugar Beekeeper
    • Wedding: May 2013

    Credit card debt is SERIOUSLY bad debt with a sky-high interest rate.

    Pay as much of the CC debt off as you can, and then cut up those cards! Or you’ll just rack it up again. (Save one for emergencies, frozen in ice in the freezer)

    Post # 15
    3635 posts
    Sugar bee
    • Wedding: May 2012

    2 + cut up your credit cards and throw a wedding you can afford. 

    Try to consolidate any debt you can, and pay off the highest interest.  Student loans can be deferred and put on income-based payment plans, credit cards are not forgiving. 

    I know it sucks to hear it, but not everyone deserves to have a wedding that costs 1/2 of their takehome salary.  If you can’t afford it you’re doing your marriage a huge disservice by adding more debt to a bad situation.


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