Couples are now turning to personal loans to help manage their wedding costs, but is it a smart money move?
found the national average cost of a wedding was $33,931, up from $28,427 in its inaugural study five years before. Jeffra Trumpower, senior creative director at WeddingWire, a leading wedding marketplace and resource, attributes some of the rising cost to the growing emphasis on making sure guests have a special experience.
"Many people are growing increasingly savvy and want an alternative to high interest credit cards,” says Paul Gu, CEO of Upstart. “A wedding is a major turning point and typically represents an upward trajectory life moment for both individuals as they embark on their new financial lives as a couple.”
Had Patino not gotten approved, she would have likely turned to credit cards for her wedding purchases instead. “I'm not sure that getting approved for that amount [with a credit card] would've been as easy as the loan was,” she says. Ask most personal finance gurus and they’ll tell you the same thing: It’s better not to have a wedding you can’t afford. Or, you should put off the big day and save some more.
As with any debt, on-time payments are a huge necessity. Failing to make payments on a loan can run the risk of the loan being sent to a collections agency, and thus destroying your credit score—-Traditionally, after marriage comes the purchase of a home — and a monthly loan payment could deter any additional savings goals. Taking out any form of credit will increase an individual’s debt-to-income ratio.
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