You always dreamed of a big, old-fashioned southern wedding — or maybe that was your spouse’s lifelong fantasy. Regardless of whose idea it was, you ended up tens of thousands of dollars in debt for the big day.
You’re not alone. In a recent survey by Lending Tree, 45% of people who had tied the knot within the past two years said that their wedding expenses put them in debt.
Over three-fourths of that 45% said that they and their partner argued over the price of the wedding. By contrast, just 20% of those who didn’t go into debt to pay for their wedding said they argued about the cost.
If this survey is any indication, starting out a marriage with wedding debt doesn’t bode well for the long-term success of the union. Nearly half of respondents who incurred such debt said that it caused them to consider divorce. They were also more likely than those without wedding debt to report that they and their spouse argue about other money matters.
A quarter of the people surveyed said they wish they’d spent less money on their nuptials. Specifically, the most common areas of overspending included the venue, food and beverages.
If your wedding has already put you in considerable debt, it’s essential to work out a plan for paying it off while staying on top of your other debts and ongoing expenses. Are you overwhelmed with debt to the point where you’re having difficulty paying your bills and don’t see a way out? If so, it may be worthwhile to talk to an experienced bankruptcy attorney to determine what your best options are.
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