Life goes on, even in the midst of a pandemic, and for some couples that means getting married. Be careful, you could get into a lot of debt.
MACON, Georgia – Life goes on, even in the midst of a pandemic, and for some couples that means getting married. If couples aren’t careful, they could go into a lot of debt.
Many engaged couples have moved their spring wedding to this fall due to COVID-19, but even before the coronavirus. October, not June, had become the great month for weddings. According to industry experts, this is a trend that started about four years ago. Something that hasn’t changed is the cost of a wedding.
Financial advisor Sherri Goss said, “People go online and they plan their weddings online and they choose colors online, and these lenders are advertising online and they charge up to 30% interest for get a marriage loan. “
According to Goss, marriage loans are four times more popular this year than they were last year.
On average, a couple spends $ 30,000 on a wedding, and 32% of Americans go into debt on their big day.
“They feel like they have no choice. Others expect it. They want to impress their guests or they want it to look really good on social media, which are very bad reasons to get into debt.”
Goss suggests that you and your partner decide on your values. Decide what’s most important on your big day, and see how you can make those dreams come true without making them a financial nightmare.
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