Post # 32
@kittylove13: Ok, so you’re definitely the one in the relationship who understands finances, good for you :)! Yea, we can’t help when those medical bills hit us, that’s why I did mention that some debt is just unavoidable..It’s just so terrible that that’s the society we live in, where it’s considered appropriate to be buried under debt or live beyond our means. The wedding loan is an example of living beyond one’s means.
Post # 33
@kittylove13: omg I just noticed your profile picture while I was waiting for something to load…hilarious. Is that your kitty?
Post # 34
@dmk90716: I’m guessing you didn’t read any of my other replies, and/or don’t truly understand the situation. Anyway, if we did, which we probably wont, it would be paid off within a few months of the wedding. We also pretty much can afford everything in time for the wedding and have over budgeted. The loan is, I believe, a way for my Fiance to be able to spend more on other things he wants as well and not fall short on money. I’ve already told him I highly doubt we would even get approved for one with an acceptable rate. And I don’t care what other people think, to me, our wedding is not a nonsense expense. If it was nonsense to me I would not spend so much of my hard earned money on it. It’s not like I’m being forced to spend this much, we have simply chosen to. I don’t understand why people have to put down people who spend a lot on their weddings. It’s simply a matter of choice. Sometimes I cringe when I hear about 50 or 60k weddings, but then I just step back and realize it’s their choice.
Post # 35
@JoolyBee: haha no thats not her…it’s just a really cute picture I found online somewhere and it kind of reminds me of my kitty…makes me laugh every time lol
Post # 36
@bmo88: I did the same thing, I did a quick google search of healthy debt ceilings & found 50% to be most common. I didn’t look too hard though. But we all know the lower the better lol
Post # 37
@rebwana: thanks for clarifying the 30% rule! & your post made me realize I probably go over it since I use my chase rewards card for absolutely everything. At one point I hit my limit on that card almost every month because of my rent. Now that I’m looking bad, that was probably a very bad idea even though I paid it off in full every month as well. Whoops!!
Post # 38
>>> debt is simply a part of life we all have to deal with.<<<
No, it isn’t.
It’s a part of life you have to deal with if you spend beyond your means and, for example, take loans out to pay for expensive parties.
We don’t spend money we don’t have. We have zero debt outside of our mortgage.
Post # 39
- Wedding: August 2013 - The Liberty House
@dmk90716: +1, that mentality is part of why so many people in our country are in financial ruin and think that they should have things they can’t afford.
I would NOT take out a loan for the wedding. First of all, if you can’t afford a honeymoon, don’t take one right away. Don’t take it until you have the money in hand. That’s $5500 down already.
Is there a way that either of you could take a part time/weekend job? If you went the retail route and worked weekends and one night a week, that would add up really fast
Post # 40
@kittylove13: Have you considered a line of credit instead of credit cards? I have a line of credit linked to my chequing account, which I expect I will dip into as we get closer to the wedding.
The interest is generally lower than credit cards (I have 2.6% – but check with your bank). The advantage is you don’t have a set payment plan, and you can pay as much or as little towards it as you are able. They only charge you interest if you are using the line of credit. Since mine is linked to my chequing account, every paycheque goes in there and I am often back up in the green within a week or two.
I have used the line of credit to pay for a pre-owned car in full. The interest rate was much, much lower than that of a car loan or financing, and I was able to pay it off in 4 months.
Anyway, consider that as an option. I hate loans, mortgages, financing and the like. Payment plans stress me out. But this is just a flexible credit and as long as I am throwing 100% of my income at it, I very rarely have to pay interest.
P.S. It’s really frustrating seeing people jumping all over you for your question and for saying that ‘debt is a part of life’. Yes, debt is a part of life! If you have a mortgage, that is debt. Anyone who has a mortgage should not be so critical of other people’s debt choices. People who look at mortgages as investments have the wrong attitude as well. You cannot bank on the housing market. If the housing market collapses and you can’t make your mortgage payment, say bye to your ‘investment’.
Debt is absolutely a part of life – and mortagages and car payments count! What’s important is how you manage your debt. I agree with people saying that taking out a loan is not a great idea for a wedding, but go see a financial planner and find some options. Make a plan, do your research, and don’t get yourself into financial trouble.
Just my vent – hate to see you getting jumped on for stating the truth about debt.
Post # 41
comparing buying a house (which is an investment) to a wedding (a huge expense with no returns–and NO do not bank on the thought people will give you cash gifts) is rather silly.
My Fiance and I chose to buy a house 5 years ago instead of having a wedding. We are now having a wedding, and working on getting a loan to consolidate all of our debt. So in two years we’ll have a 23 year mortgage (down from a 40 year mortgage 5 years ago), no consumer debt, and be happily married with a great honeymoon (and STILL NO DEBT)…..
You should consider talking to a financial advisor about this…..
Post # 42
we saved our asses off for our wedding. It was hard but I would have completely regretted getting finance if we went that route. We certainly don’t regret saving all that we could. it was surprising how much u really can save when u put your mind to it. We have minimal debt too (just one car loan which is almost 0) and we hope to keep it that way for a long time. debt does not have to be a part of your life if you don’t want it to be. I say keep saving. You might just surprise yourself.
Post # 43
OP, I actually agree with a lot of your arguments and, although I personally wouldn’t take debt for my wedding, it seems like you’ve really thought this through and have a very sensible attitude towards the idea of a loan. Some other thoughts: perhaps you could increase the credit in a loan you already have? Then you pay similar repayments as now. Or could someone in the family loan you the money? Then you can pay them back the same way as a bank, but interest would be much less.
I actually don’t think it’s our place to tell OP what to do with her money: if she want this wedding, she should have it. Yeah, some people would buy property, but then, some people have drank or shot up the same amount of money too, so we’re all different and it’s not our place IMO, OP, to tell you how to spend your money. It sounds like you’ve got a good head on your shoulders and if you have honestly calculated it that you can make the repayments by the end of the year, really I think it’s completely OK to go for it.
Post # 44
Let me restate my response since I’ve been told that only nice nice responses are allowed here.
I’m so sorry you feel this way. Please, take out a loan. Whatever you’d like . It’s a WONDERFUL idea