Episode 15: Wedding Loans
Episode 15 of The Bouquet Toss is all about the rise of the wedding loan– a trend we are most certainly ready to toss! Subscribe to The Bouquet Toss Podcast via Apple Podcasts, Spotify, Stitcher, or your favorite podcast app!
Listen to Episode #15: Wedding Loans
Let’s talk about the increase in wedding loans.
What’s the deal with taking out a wedding loan? Why has it become such a popular trend? Join us for an awesome conversation with Millennial Money Expert Stefanie O’Connell Rodriguez.
You’ll learn why couples were choosing so popularly to take out a loan to fund their dream wedding day, the pros and cons of wedding loans, and some amazing advice on how to budget for your big day without going into debt!
Some facts on wedding loans:
Let’s look into the details of the wedding loan trend:
- Average wedding loan debt:
Couples borrow, on average, $16,000 and typically pay it off within three years. Interest rates range from about 7 percent to 18 percent, making it a cheaper option than many credit cards. (The Washington Post)
- Increase in couples taking out wedding loans:
The number of couples taking out loans for their weddings “quadrupled” from 2018 to 2019 for one online lender, according to a report in The Washington Post.
- Percentage of couples who took on debt:
33% of recently-married Americans went into debt to finance the cost of their wedding according to a new survey by LendEDU.
- The debt effects of COVID weddings:
225,000 couples owe a collective $3.7 billion for weddings that didn’t happen in 2020. (Yahoo)
“There is nothing necessary about an expensive wedding,” – Stefanie O’Connell “Everything about weddings is discretionary, aside from what you pay the county clerk.”
Links Mentioned in this episode:
- Married to debt: Couples are taking out loans to pay for their weddings, The Washington Post
- Stay Away From Wedding Loans, LifeHacker
- 225,000 couples owe a collective $3.7 billion for weddings that didn’t happen in 2020, Yahoo Money
About Stefanie O’Connell Rodriguez:
- The Broke and Beautiful Life, Stefanie’s Book
- Website: StefanieOconnell.com
- Twitter: @stefanieoconnel
- Instagram: @stefanieoconnell
- Real Simple Money Confidential Podcast
- Stefanie’s Wedding Feature on BSB
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