(Closed) Loan for the wedding? *Long*

posted 9 years ago in Money
Post # 3
612 posts
Busy bee
  • Wedding: September 2012

all I will say is think about how long it will take to pay off something that only lasts a few hours…

Post # 4
285 posts
Helper bee
  • Wedding: March 2013

@kittylove13:  >>> debt is simply a part of life we all have to deal with.<<<

It’s that mentality you have to get rid of. Debt is NOT a part of life we all have to deal with. Take some of the wedding money, read a couple of Dave Ramsey books. Try Total Money Makeover first and enroll in Financial Peace University ASAP.

You should never life like you have to have debt like you have to have food and taking a loan out for a wedding is ridiculously stupid IMO.

Post # 5
2515 posts
Sugar bee
  • Wedding: November 2011

No. Debt is not “just a part of life”. I don’t know what advice to give you since you said you’re unwilling to cut cost at this point. And saving and “hoping it all comes together” is not a good option in my opinion.

I just want to leave you with this blog about how a family of 4 can live off of just 14k a year. Maybe you’ll get some ideas about how to save an extra 10k over the next 9 months.


Post # 8
237 posts
Helper bee
  • Wedding: October 2014

@kittylove13:  We’re trying to pay outright for most of the wedding but we’re not going to freak out if we have to put a few things on a low interest credit card.

Post # 9
14 posts

Maybe make a spreadsheet of the loan and how much you will pay in interest, then think about if you are willing, and able, to pay that additional amount for the wedding. I agree that it is too easy to get in to debt, but also think that you are an adult and if this is a choice you are considering then just make it the best informed one you can!

And, congratulations!

Post # 10
2546 posts
Sugar bee

The problem is that the interest rate on personal loans is usually insanely high.

Have you considered pushing your honeymoon off or taking a mini moon? that would cut $5k off and leave you 10 months to save $5k which seems a little more realistic.

Post # 14
3162 posts
Sugar bee

@kittylove13:  The difference between financing a home or car, is that is investing a place to live or a means of transportation. The home will shelter you and your family for years to come, the car will provide you with transportation and ideally allow you to work (if it is needed) and increase income. Financing education (will not garuanteed) is ideally going to lead to better employment (I know that is debatable in this economy).

A wedding, however, is one day….or even just a couple of hours. While it should be special, I personally would not go into debt over it. Putting things on low interest credit cards and paying them off quickly is different that taking out a $10k personal loans. As another PP mentioned, personal loan interest can be high as well. If you think you can pay off the loan by the end of the year, is there any way you can move the wedding back a little bit, maybe march of next year? Even if the venue is paid for, do you think they would be willing to negotiate a date change?

It is clearly your life, your decision, but I personally would either stick with what I could afford or save up for a little longer.

ETA: When we get married, we will have been waiting for 10 years…a decade! I get that you want it to be special, but you also want to be reasonable and set yourselves up for a successful marriage and healthy finacial life.

Post # 16
7111 posts
Busy Beekeeper
  • Wedding: August 2013

I think the strong negative feelings that you get around debt have to do with the fact that it can get out of hand easily. I, personally, hate debt, am not in debt and would never go into debt for a wedding. But that’s me. I guess my concern is it doens’t really seem like you think you need this loan, but that you don’t want your fiance to stress. If it was me, I would stress more about the loan than the wedding costs. So I’m not sure a loan is going to solve your problem. Talk to your fiance and see how he feels. But, in the end, I think finding a way to cut back would be the best solutation to decreasing financial stress. You can cut back either in wedding stuff or in everyday living stuff.

Also, I’ve never heard of this 30% balance thing on credit cards. I always pay off my credit cards in full each month and I have excellent credit. Some more fiancially savy bees may be able to comment on this more.

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