(Closed) Taking Out A Loan?

posted 5 years ago in Money
Post # 61
Member
2698 posts
Sugar bee
  • Wedding: March 2015

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Since1993_:  what would the terms of the loan be??

Post # 62
Member
2698 posts
Sugar bee
  • Wedding: March 2015

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geekgirl84:  I totally agree. there is never any excuse to be nasty. As to whether or not they can afford a loan without knowing the terms everyone commenting is merely giving a biased opinion that tells more about them than the OP. 

Dear OP,

I’m not going to give you a moral judgment on whether or not it’s appropriate to borrow money for a wedding. I think a wedding is hopefully a once in a lifetime opportunity and if you go into a bit of debt to have what you want that’s ok. 

The question is truly can you service the debt you’re taking on. What will the terms be, how much interest, etc. 

What happens if you can’t service the debt? Do you have any savings?

Post # 63
Member
2091 posts
Buzzing bee
  • Wedding: September 2014

I am going to tell you a story. It is about a former co-worker. She got married young. She thought that she really needed that chocolate fountain, and big 200 people wedding. She and her husband did not have the funds available at the time for everything, so she paid for some things on credit. They got divorced after about 5 years, and she was only paying the minimum. Prior to the divorce, they were having problems, so he seperated the bank account. She ended up losing her job. She is STILL paying off the money!!! It has been many years. 

Look, you do not know what tommorow may hold. What if something happens with his job?! What if someone has health issues? What about the bills that can mysteriously appear, like car repairs? Babies are not cheap, and I am sure that you recognize that by now. You should only pay for what you can afford. You can scale it back by DIYing, getting a more affordable dress, cutting back on the guest list, doing cupcakes instead of cake, and the list goes on and on. It is a frivilous expense. You will find that later, the wedding was not the most important thing, the marriage is what really matters. We had a longer engagement so that we could pay for everything ourselves while saving (and we are not making what your Fiance earns). You are not even going to have a honeymoon because the wedding is so expensive. I had a wedding and honeymoon and still paid less than your original wedding budget. I live in the north east where $20k is the norm for weddings. It can be done without borrowing money.

Post # 64
Member
2873 posts
Sugar bee
  • Wedding: May 2015

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Since1993_:  don’t take out a loan. Paying interest is just a bad financial decision. 

Get a zero interest for 12 or 18 months credit card instead. Make all of your payments on time and pay off the whole thing before the zero interest rates expire. 

Post # 65
Member
2873 posts
Sugar bee
  • Wedding: May 2015

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bebelicious1: that happened to my aunt too. Bad decision. 

Post # 66
Member
71 posts
Worker bee

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bitsybee:  I second this idea of a credit card with a zero interest introductory. If you plan to pay off in 2 to 5 months this is a good idea.

Post # 67
Member
15042 posts
Honey Beekeeper
  • Wedding: June 2011

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jily:  I’m really surprised to see that advice from you considering you had such a conservative financial stance from what you were telling me not too long ago.  On the one hand you believe someone isn’t ready for a child if they dont have at least 6 months of savings.  But on the other, you also think that it’s ok for a couple with a child already to go into debt for a wedding??  

Post # 68
Member
2698 posts
Sugar bee
  • Wedding: March 2015

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pinkshoes:  I don’t think people should undertake trying to have a child without six months of savings. I’m not sure what that has to do with the issue at hand. The OP hasn’t told us much about her financial situation. If you read my prior post you’ll see I ask regarding debt service, terms, savings etc. I can’t give an opinion on someone’s financial decisions without the whole picture. However, people with children are not automatically fiscally irresponsible for taking on debt. Debt for a wedding is not different from any other consumer debt, the question is can the OP afford it.

 

 

Post # 69
Member
709 posts
Busy bee
  • Wedding: June 2015

Omg, please don’t take out a loan for a wedding. I’m still paying on my “5k” student loan. You have to factor in interest, etc. You can have a lovely wedding on your budget. It may not be a huge show, but it will be beautiful and you’ll be marrying the man of your dreams. 

Post # 70
Member
7368 posts
Busy Beekeeper

Why dont people ask about loans for family reunions, Chirstenings, large holiday parties? Because its silly. But slap a wedding label on, that makes it okay???  Trey weird.

Post # 71
Member
15042 posts
Honey Beekeeper
  • Wedding: June 2011

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jily:  Because it’s the same down the road.  Why would it matter if someone has 6 months of savings before trying to have a child if they aren’t going to keep said 6 months of savings around after the child is born for *emergencys*.  I’m assuming the 6 suggested months of savings was for child care or unexepcted expenses with the child.  Does that suddenly disappear after the child is born?  I dont think so.  It would seem that one should still have that savings buffer after the child is born and not take on debt for a party. 

Post # 72
Member
5940 posts
Bee Keeper
  • Wedding: May 2014

Personally I wouldn’t do it for a wedding. New roof and insulation for my house? Maybe. But not a wedding.

Post # 73
Member
1131 posts
Bumble bee
  • Wedding: December 2014

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Since1993_:  I wouldn’t take out a loan to pay off a wedding but that’s just me.  Your wedding date is still a long way off so I am sure you can save plenty of money from here until now.  I guess alot of people are against getting a loan because you have all of those interests to pay.  In the long run you will be paying more for it.  Also you take out a loan and you have all that money in your account and in the end you may budget wrong and you won’t even know where that money went.  My DH and I took out a loan to remodel our home.  2 months later that money went quick.  Sucks because we still have a few things to get done and we are stuck with a 10 year loan.  Good luck!

Post # 74
Member
13239 posts
Honey Beekeeper

Our parents offered to host our wedding, but if they hadn’t, we wouldn’t have spent any of our own money on a pricy reception. We had some savings,  but we would never have considered blowing it all on a one day party. Even if you could cover the whole wedding today, it does not necessarily mean you can “afford” the lost opportunity cost of that money at this stage of your life.

It would be one thing you guys had plenty of money and a high income, but to take out a loan is, frankly, irresponsible, for all the reasons people have said. A five figure reception should be just about the last thing on the priority list for young, new parents with little savings.  

If I were you I would spend very little  on this wedding, perhaps courthouse and a restaurant meal for a small group, a BBQ or cake and punch at home.  Do a big anniversary party one day when you can afford it easily, without sacrificing more important priorities.   

Also, why postpone the marriage just so that “people” won’t think it’s shotgun. Who cares what other people think? TBH, if anything, I think as many or more will wonder if you waited so long because you weren’t  sure about one another. As long as you are convinced it’s right, personally I’d rather be married now. That’s your call, of course. 

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