The budget for a wedding can quickly get out of hand if you are not watchful. It is becoming more and more common for couples to take out personal loans to cover the costs of their wedding. As a result, many couples will have a beautiful wedding day, but is it really the best decision? Take a look at our list of why wedding loans may not be the best option for you.
1. You will start your marriage off in debt. Many American couples are already entering marriage with a certain amount of debt. Most people have some sort of credit card debt, student loans, mortgages, car loans, etc. You should really consider if you are willing to create more debt, if you already have some, or debt period for this one day event.
2. You can negatively impact your credit. Like every other form of debt, you must pay your payments on time and in full to avoid penalty. On the other hand, it can improve your credit if you pay it off on time.
3. Studies show that finances are a major area of contention in marriage. You should ask yourself if you want to start your marriage off that way.
In no way are we suggesting that loans are bad or good. We are suggesting that you take a deep look at what your goals are for your marriage and finances prior to making such a major decision. Considering meeting with a financial adviser if you are unsure about what you should do.
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