Should You Start Your Life Together With A Wedding Loan

Should You Start Your Life Together With A Wedding Loan



Should you​ Start Your Life Together With a​ Wedding Loan?
The short answer is​ an​ emphatic no While as​ a​ married couple you​ will incur a​ host of​ joint financial liabilities – you​ will probably buy a​ house together,​ cars,​ perhaps acquire student loans,​ and find a​ host of​ other high ticket items that require prolonged financing – the​ way to​ the​ altar should not be paved with them .​
However,​ they cannot always be avoiding in​ many cases and if​ you​ are going to​ take one out,​ be sure you​ do so with the​ best of​ intentions.
Generally speaking,​ a​ wedding loan is​ a​ personal loan that is​ low enough to​ be easily obtained from a​ financial institution .​
Referring to​ it​ as​ a​ wedding loan is​ nothing more than an​ effective marketing tool sometimes these loans are called holiday loans,​ Christmas loans,​ or​ vacation loans .​
The rational is​ the​ same a​ small amount of​ ready cash is​ allotted to​ you​ that you​ may use any way you​ see fit,​ usually to​ purchase a​ service rather than a​ good .​
Thus,​ there is​ nothing securing the​ loan other than your signature.
While the​ promise of​ ready cash is​ Siren song that many have fallen for,​ the​ reality catches up after the​ big event you​ are indebted and in​ addition to​ paying your regular bills which will wait for nobody,​ you​ now also have another payment for which you​ do not have a​ tangible item to​ show .​
Sure,​ you​ might have had a​ wonderful wedding with beautiful candles,​ bouquets of​ flowers everywhere,​ and stylish invites,​ but the​ candles broke when you​ moved into your apartment,​ the​ flowers have wilted,​ and the​ invites are being recycled by those to​ whom they were sent.
A wedding loan is​ an​ unfortunate way of​ accumulating debt that is​ simply not necessary .​
Of course,​ you​ do have options .​
First and foremost,​ seek to​ save your money for the​ big event .​
Perhaps friends and family will help you​ and your partner save,​ and within a​ year,​ you​ might have a​ respectable amount of​ money .​
Secondly,​ sell some items you​ do not need and put the​ money into a​ short term investment account,​ such as​ a​ CD .​
This will not make you​ rich,​ but it​ will put the​ money out of​ your daily accounting and it​ will earn you​ a​ bit of​ interest.
Last but not least,​ if​ you​ do not have the​ money for the​ lavish wedding of​ your dreams,​ set priorities .​
Perhaps you​ cannot afford the​ hand painted wedding china for the​ reception,​ but by saving on​ this aspect of​ the​ place setting,​ you​ might be able to​ afford the​ bridal veil that has captured your eye for such a​ long time now
Quite possible the​ most dangerous pitfall that is​ akin to​ the​ wedding loan is​ the​ notion to​ finance your wedding with the​ help of​ a​ credit card .​
Sure,​ put down the​ plastic,​ sign on​ the​ dotted line,​ and the​ wedding gown is​ yours .​
Yet when the​ bill comes you​ will be amazed to​ see how long it​ will take for you​ to​ pay off the​ wedding loan you​ granted yourself.




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