(Closed) Wedding Loan or Not??

posted 6 years ago in Money
Post # 3
Member
13014 posts
Honey Beekeeper
  • Wedding: November 1999

I personally don’t believe in incurring debt for a wedding.  I don’t think it’s smart to start married life off in debt if it’s avoidable.  I think you should consider cutting your guest list before you consider a loan.

Post # 4
Member
5011 posts
Bee Keeper
  • Wedding: April 2012

I’m not a big fan of incurring debt unless absolutely necessary. Would it be impossible for you to wait until you can afford to pay up-front?

Post # 5
Member
5547 posts
Bee Keeper
  • Wedding: December 2011

Debt for a house? Sure. A car? maybe. A wedding? I would never do it. Save up and have the wedding you can afford, money is one of the biggest issues in marriage, I wouldn’t want to START with a huge debt from a party. And debt tends to snowball so you go from a few hundred dollars on a CC to tens of thousands of dollars without really knowing where it went. Or you have a sudden emergency like a long term hospital stay or major house repairs or whatever and suddenly that not too huge wedding loan is sucking away at high interest the money you really need. 

Post # 6
Member
1402 posts
Bumble bee
  • Wedding: May 2015

This sounds like a terrible idea to me, personally.  Starting your new life with something by incurring thousands of dollars in debt doesn’t seem like a good plan.  Wedding loans aren’t the norm.  Most people create a budget and save up throughout their engagement.  Would this be possible for you to do?

Post # 7
Member
3572 posts
Sugar bee
  • Wedding: September 2011

I would get less than you think you need, instead of more.  If you take all $15K, I think you’d be more likely to spend it all.

Post # 8
Member
77 posts
Worker bee
  • Wedding: March 2013

It doesnt seem like you are needing to take out a loan, with your income, I think you can definitely have an amazing wedding without doing that! You will be making payments on most of the big items. i say try not to get in debt! Now, I am doing things a bit different, but thats because I am not in the same income bracket as you are! 

Post # 9
Member
6256 posts
Bee Keeper
  • Wedding: March 2014

I know two people who have done this. One regretted the hell out of it when it meant she had to pay on that loan (and its high interest rate) instead of buying new clothes, getting her nails done, eating out, buying nice Christmas presents, etc.

The other lost her job not too long after the wedding and, as her husband was still in grad school, they were up a creek. I’m pretty sure they ended up declaring bankruptcy (they had a car payment, student loan debt, and still had to pay for phones, rent, gas, bills, etc. so it wasn;t just the wedding) but at the very least they were considering it. She was an acquaintance, so I didn’t really want to ask what came of the situation.

Why don’t you either postpone the wedding, move into a smaller apartment/take on a roommate, or something like that?

Post # 11
Member
2401 posts
Buzzing bee
  • Wedding: September 2013

I am very much against the idea of “wedding loans.” If you cannot afford it, do not purchase or plan to purchase it. The only thing I find acceptable is putting it on a credit card in order to get points for airline purchases. 

What does your Fiance think? I’m just curious. 

Post # 12
Member
5423 posts
Bee Keeper
  • Wedding: November 2012

If your only major financial obligation is your student loans, I find a wedding loan to be an incredibly ludicrious idea.

Post # 13
Member
5011 posts
Bee Keeper
  • Wedding: April 2012

@lovestoryvi:  If you have a great credit rating, you can probably get a loan very quickly IF you desperately need it (our car is dying so we had to get a very small loan to cover what we planned to save over the winter and the money hit DH’s account 5 minutes after he applied online). DON’T get a loan as “security”. That’s crazy.

Post # 14
Member
2390 posts
Buzzing bee
  • Wedding: July 2011

I agree with PP – you should have the wedding you can afford without going into debt.  Also, where are you planning to get this loan?  Personal loans are EXTREMELY difficult to get these days.

Post # 16
Member
2523 posts
Sugar bee
  • Wedding: December 2012

Don’t get a loan for a wedding. Plz.

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