Triple B friend and former Road to Mrs. blogger Charli Penn wrote an ESSENCE.com article that offers staggering statistics about weddings and specifically how many modern couples pay for weddings. Get this folks, a whopping 57 percent of couples borrow money from a credit card or financial institution to finance their wedding! And there are more depressing finds:
“Going into debt to tie the knot is what wedding industry experts like to call having a “red wedding” because the couple’s bank accounts are in the red after the fun is over. The survey reveals that this happens more than one might expect. Close to 21 percent of couples will spend more then they can really afford.”
I’ll withhold my commentary on these stats because if you’ve read this, or this and definitely this — you already know my thoughts on this kind of spending behavior for a wedding. Plus, Triple B constantly shares innovative ways to get the most bang for your bridal buck. However, I now want to hear from you. Please complete the below poll and share your candid thoughts on this topic in the comments.
In hindsight while I still think it is nuts that this is the norm, I personally do know couples who used credit to pay for some of their wedding expenses and were able to successfully pay off that debt in a relatively timely manner. These same couples are now living comfortably (relatively speaking), started families, take nice vacations, live in nice homes, etc. and have never asked me to borrow one red cent. Charging up tens of thousands of dollars on a credit card for a wedding is one extreme but something tells me everyone in this survey doesn’t fall in that category.
Just thought I’d offer another side of the coin.
I want to know how many people are still paying for the ring after the wedding.
If you must borrow, borrow from your parents…I think you should do what you can afford or if at all possible, wait until you can afford more…
@Naomi – That would be an interesting survey indeed.
@Jackie – Seems like solid advice…
I’m old school and can’t understand why anymore would borrow money or go into debt to have a wedding.