Married to debt: Couples are taking out loans to pay for their weddings

[Demovictory9]

https://www.washingtonpost.com/business/2019/06/19/married-debt-couples-are-taking-out-loans-pay-their-weddings/?hpid=hp_ed-picks_ep-lede%3Ahomepage%2Fstory-ans

Married to debt: Couples are taking out loans to pay for their weddings

Americans, who are already under record-levels of debt, are taking out wedding-specific loans.

Skyler Ramirez has a loan for his house, his car — and now his fiancee’s engagement ring.

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It took about 15 minutes to get approval for the five-figure loan. At an interest rate of about 8 percent, it will take more than three years — and $300 a month — to pay it off. And it might not be the last loan he takes out as he prepares to get married.

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Demand for wedding loans has quadrupled in the past year, he said, making it the company’s fastest-growing line of business. Couples borrow, on average, $16,000 and typically pay it off within three years. Interest rates range from about 7 percent to 18 percent, making it a cheaper option than many credit cards. (The company’s tagline: Inspired by Pinterest? Make it happen with low interest.)

The popularity of these loans, experts say, comes amid a shift in how families are paying for weddings. There is less expectation, they said, that the bride’s parents will pick up the tab. Instead, both sets of parents, as well as grandparents, are increasingly contributing. The bride and groom are chipping in, too.


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When Mary Naklicki got married in 1977, her parents paid $10 per person for her reception. Naklicki may have to pay 11 times that for her daughter’s November wedding.

“There’s so much more to pay for now,” said Naklicki, 62, who lives in Millsboro, Del. “These kids have photo booths and videographers. There was none of that when I got married. I paid for my gown, flowers and the photographer and that was it.”

Naklicki and her husband recently took out a five-year, $10,000 loan from the online lender Upstart to pay for their daughter’s wedding at a local country club. They had just paid for a family trip to Disney World over Thanksgiving when they got word that their younger daughter’s boyfriend planned to propose.

[rampartc]

1. i had to take out a loan for my wife's $300 ring

she was gone before it was paid for. times change.

if you need to take out a loan for the ceremony, elope. put a few anniversaries behind you, and laugh about it.

[Thekaspervote]

2. Unfortunately couples buy into the my wedding will be better than yours...not a good way to begin

[Midnightwalk]

3. I don't get it

We were married 30+ years in city hall around a week after an opportunity that required relocating. Maybe closer to two weeks because we had a party the following weekend for family and friends at my parents house. You can get a lot of alcohol and good food for not a hell of a lot. Way less than 10 grand.

We still don’t like fancy affairs. I can’t relax and have fun. On the other hand we’ve been to others that were more organized than ours but not over the top or too formal that actually were fun.

I don’t think anyone is really impressed with how much you spend and anyone who looks down on you for not spending what they consider enough can go fuck themselves.

[emmaverybo]

4. I'm with you. And couples once more solvent can renew their vows at a bigger, more expensive do.

I have been to intimate receptions that were as meaningful and as fun as the splash-outs.

[iwillalwayswonderwhy]

5. I don't get it, either.

Dresses do not have to cost thousands to be beautiful. Beach permits are cheap and makes for fabulous photos. Covered dish backyard barbecue for reception. If you are inviting people who love you, nobody will mind and everyone will have a good time.

[Skittles]

6. don't ask me

I don't understand why people get married

[madinmaryland]

7. Ordering up an asskicking for Skittles.

[essme]

8. We were one of the first original DU couples to get married

We eloped. Cost? 20 bucks.

We have been married 16 years.

Sure do miss the old timers on DU.

[Opel_Justwax]

9. For my wedding 35 years ago we went to a justice of the peace and Bonanza for Dinner

It costs about $200.

[jmg257]

10. Ha ha ha - 5 figure loan to pay for an engagement ring

From Tiffany’s.

No sympathy for idiots here.

Hey kids - a good wedding is always nice, but when you go overboard and can’t afford it? You’ll get mocked for years.

Years later My in-laws and niece are still suffering financially from a ridiculous “lavish fairy tale” wedding...silly.

[Yavin4]

11. Social media competition

My wedding has to be better than your wedding and my proof is my Instgram/Facebook/Twitter/Periscope feeds.

[Amishman]

12. Our wedding was very reasonable just a few years ago

Lessons:

Do not do anything through the 'bridal' industry. Do not have a wedding planner

Buy rings secondhand. (Now I do now I don't)

Avoid cities for venues. We saved thousands having our reception in the banquet room at a golf course in the middle of nowhere. Added a 20 minute drive from the church to the reception but no one minded as it was an easy scenic drive through Amish farm country. The view out the windows onto the golf course grounds was beautiful.

Find someone local and small to do the flowers, ours was a nice retired lady who did arrangements on the side. Saved hundreds

Same for photographer, find a hobbiest (which a good portfolio of work) rather than a professional wedding photographer. Saved easily a thousand