(Closed) Taking Out A Loan?

posted 5 years ago in Money
Post # 46
Member
15075 posts
Honey Beekeeper
  • Wedding: June 2011

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MeandMyLouboutins:  Take it how you want.  It’s a legit question.  Why post to a public forum then proceed to tell people how to answer. 

Post # 47
Member
1641 posts
Bumble bee

Personally, I wouldn’t take out the loan.  Consumer debt is a total drag…and really stressful…bleh!

Is it possible to  push back your date a little and start a savings schedule so you put enough aside each month to cover your costs?  We were asked for deposits upfront (maybe 10 percent) and final payments were usually not until 30 days before the date.  Plus, you don’t want to pay everything in full right away, because if the vendors go belly up or something happens you don’t want them to have all your money and not have to come through with the service!

ETA:

So here’s my thoughts on your questions about why people say taking out loans is a bad idea:  Consumer debt is a huge burden.  For many, including my husband and myself, new goals are established after marriage like a house, car, travel, investments, retirement, etc etc.  When the conusmer debt is still taking a chunk out of the paycheck each month it can sometimes be stretched too thin to work on new life goals, live comfortably, and prioritize elimination of debt.  This can often lead to debt NOT getting eliminated because things come up and as much as we all hate having debt, if paying only the minimum payment on a loan will ensure that a other urgent needs can be met, sometimes we have to chose this.  Okay, and then of course we all know paying the minimum basically doesn’t nothing to pay down your debt…unless your interest is super duper low.  So if you’re stuck financially and can only pay the minimum, you will pay so much more over the long run because you will basically ONLY be paying interest.  And the debt will remain until you’re able to make large principal payments.

  • This reply was modified 5 years, 5 months ago by  SisterJude.
Post # 48
Member
2664 posts
Sugar bee
  • Wedding: September 2015 - Ketchum, ID

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pinkshoes:  oh snap. I just read through all of the comments. I totally agree with you, though. Both on OP only looking for one answer, and not to take out the loan. 

 

She just wants to hear that it’s okay to take out the loan. However, she’s young and I can guarantee her retirement funds, savings accounts and child funds/education funds aren’t where they should be to justify taking out a loan for a one day party. Dear God, do people really make these financial decisions? Maybe I should reconsider my career path as a financial advisor, I might end up slapping too many people upside their heads, haha. 

Post # 49
Member
9486 posts
Buzzing Beekeeper

I agree with PPs that a wedding is not something I would ever take out a loan for. I’d either (a) wait and save or (b) downsize.

Post # 50
Member
15075 posts
Honey Beekeeper
  • Wedding: June 2011

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mrspinesol:  I know, right? If Dave Ramsey can get so rich selling his “advice”, we can do it too! 

Post # 51
Member
3232 posts
Sugar bee
  • Wedding: May 2015

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pinkshoes: I totally agree with you – I hate when people try to dictate how or what others can post. If you’re too sensitive to weed out the “nasty” posts (not that I think anyone on here was nasty), the internet may not be the place to come for advice. Plus, when you ask for advice on doing something really, really stupid (taking out a 10k loan for a party when you’re 21/22 years old and have a young child), I think reading blunt, perhaps “harsh” comments can be the best medicine for reality. If someone came on here asking for tips on how to burn down their exes house, I would hope people wouldn’t be supportive or gently tell them that it’s a terrible idea. Sometimes ideas just suck and there’s no nice way to say that. 

Post # 52
Member
1840 posts
Buzzing bee

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Since1993_:  There seems to be a lot of comments back and forth on this thread and I skimmed over them all… However, you say you could pay the loan back in 2-5 months tops. So have your wedding in 2-5 months, you will save money on the interest you will have to pay back so it may not even take that long. 

You have over a year until your wedding, if you can afford approx $10K of that wedding in that time, and afford to pay off $5K in 2-5 months then you have plenty of time to save the extra $5K before then. 

Going into debt over something like a wedding is never a good idea because it is 1 day. It is not a car that you might need to get to and from work every day or a house to live in. It is a want, not a need and therefore you should never take a loan out for it – just like you should never take a loan out for a holiday or a birthday party. 

Post # 53
Member
736 posts
Busy bee
  • Wedding: December 2025

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Curlycupcake
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pinkshoes – do me a favor ladies, if I ever ask for help on this forum, please refrain from offering your assistance. 

I’ll clarify – pinkshoes, nothing about your original post was rude. If I somehow implied that, I’m sorry, but I thought I was clear that I was not referring to you. What I think if offside is to suggest that someone who doesn’t want to deal with the nasty responses that come with this website shouldn’t bother posting at all. 

Oh a curlycupcake, maybe you should read this paragraph FROM THE MAIN PAGE OF THIS WEBSITE:

Weddingbee is the place where brides come together to plan weddings in the real world. Find support, ask questions and swap stories in our wedding forum, and follow brides planning real weddings on our wedding blog!

Post # 54
Member
2256 posts
Buzzing bee

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Since1993_:  Going into debt over a wedding, especially with a baby involved, seems like the wrong move. I teach financial literacy and I always tell my kids that luxuries, like lavish weddings and vacations, should never be put on credit. I stand by what I teach.

Post # 55
Member
15075 posts
Honey Beekeeper
  • Wedding: June 2011

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geekgirl84:  Ah I see, thanks for the clarification.  However, I stand by my original sentiment.  And that is that if one is looking for a specific response or is trying to dictate how people respond, then perhaps a public forum is not where they should be posting their question.

Post # 56
Member
71 posts
Worker bee

I know you said you’d be able to pay it back in 2 to 5 months, I’m assuming that means you’ll pay more than the minimum payment. So I think as long as you will be able to afford the monthly minimum payment to pay back the loan (if for some reason you can’t pay it back within the 2-5 months) without breaking yourselves then I say to go for it. It seems like you put some thought into this and are doing your best to make the loan amount as small as possible. Yes you have a child, and yes he should be most important. But he obviously is your priority and you should have your special day just the way you want it if you can afford to do so. I suggest trying to get in with a credit union, they usually have the best interest rates. Good luck!

Post # 57
Member
2425 posts
Buzzing bee
  • Wedding: July 2015

A loan just for a wedding is the worst idea ever. Loans are only good for three things. College, house, or even a car but NEVER for a wedding. No one needs a big fancy wedding. 

To save money I would just have a small guest list of immediate family and close friends, a small bridal party of just a moh, and best man, or even no bridal party at all, and non floral or even fake flowers for centerpieces. It maybe tacky but its cheap. Maybe a one tier cake and additional sheet cake for guest. Or you can have a backyard bbq or get married at a park or if you want you can even have a cocktail reception with appertizer with just wine and beer.

There are just so many ways you can save on a wedding where you don’t even need a loan. 

Post # 58
Member
431 posts
Helper bee
  • Wedding: May 2016 - Winery

Taking out a loan for school? Sure. A home? Sure. A wedding? NO way. 

Post # 59
Member
1206 posts
Bumble bee
  • Wedding: September 2015

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geekgirl84:  thanks for the clarification, like I said, maybe I missed something.  But that to me doesn’t mean I have to agree with everyone.

I don’t know you’re getting all bent out of shape about my reply though. Like I said I interpreted your post one way, if that’s not what you said fine, my mistake. And since its a free forum, I’ll post on whatever thread I want including yours because I don’t have to agree with everything you say. But thanks dear. Anyway, I’m done responding to you in this thread. 

  • This reply was modified 5 years, 5 months ago by  Curlycupcake.
Post # 60
Member
93 posts
Worker bee

I would suggest that if you are able to pay it off so soon to put it off until you save. We took out one for ours for various reasons. It has been such a stressful thing to deal with. My Fiance is a doctor and we will be able to pay it off within months but it isn’t worth it. Also take into account that you could possibly be knocked out of getting a loan you really need. We did it because we wanted a beautiful wedding for my mother to attend, they couldn’t help due to medical bills. Well my mother passed away in November and I’m getting married in June without her. I now wish we would have eloped. Yes we are having a nice day but the nicest thing is just marrying each other. Which we could have done without the loan. 

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