Lobster wedding on a tuna-fish budget? How to Pay Off Wedding Debt

Posted at 02:09 pm Friday May 25th 2012

It’s common to over-spend for your perfect day but now the question - how do you get out of this wedding debt hole?

The silver-lining of wedding debt is that it offers you and your new spouse a chance to learn to communicate about money – an important lesson for a successful future!

Let’s start with the facts:

  • The average cost of a wedding nowadays runs about $24,000
  • Many families take out a loan or putting everything on a credit card

So for paying off wedding debt, here are some helpful tips:

1. Reduce, return and get a refund

  • Left over decorations, packages of napkins, etc. – return them

2. Don’t be tempted - immediately use the cash gifts you received

  • Pay off wedding vendors
  • Pay off wedding credit card debt

3. Outstanding credit card debt from the wedding

  • Stop using credit cards until you have your wedding debt paid off
  • Make sure you pay more than the minimum every month
  • Make it a competition with your spouse – see who can pay down more each month

4. Renegotiate and use powers of persuasion

  • Try to downgrade your photo or video package to be more affordable
  • Try to work out a payment plan with your wedding vendors – can’t hurt to ask

You enjoyed your wedding day together and now you need to pay for it together. Financial troubles are one of the main sources of marital distress, so don’t let your wedding day be the cause of strain in your marriage.

Remember - 'til debt do you part'!

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