Avoiding wedding day debt

Consumer Reports

(NBC News) – With the average costs of a wedding right at $34,000 now, it’s no surprise some couples go into debt just to make their special day really special.

But to many, wedding day debt is a nuptial no-no.

“Borrowing money to throw a party, and that is basically what a wedding is, it’s a party – it’s starting your life off in a financial hole,” warns BankRate.com’s Greg McBride.

Even folks in the business of matrimony have doubts about borrowing for the one day where marital bliss begins.

“You’re spending money you don’t have, which can be damaging to your credit long term and later in your marriage,” warns TheKnot.com’s Lauren Kay.

Kay admits it’s hard to not want your wedding day to be the most memorable for everybody, but says “there is no stigma over having a small intimate wedding or really prioritizing what you want to spend on it.”

“It doesn’t have to be a country club, doesn’t have to be a ballroom,” she advises. “Maybe it’s having fewer guests, maybe it’s having a buffet as opposed to having a sit down dinner.”

Choosing a wedding day outside peak seasons can also help.

“It’s one thing to borrow money for a car or a house, but borrowing to pay for a wedding is a sign that you are over-extending yourself,” McBride says.

Read more: http://bit.ly/31wYNoe

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