Being in debt can cause a variety of emotional and psychological issues, those who are struggling with high debt loads have reported feeling depressed, irritable, unable to lack focus, and more.
Researchers have previously asserted that for those who are struggling with the stress of trying to make ends meet, say having to come up with their housing payments for example, that their distress is akin to going through the loss of a job or a divorce.
But there are many things that we are willing to go into debt for, such as a house, car, education, or healthcare costs. Millions of Americans today are living from one paycheck to another and that is a similar story for millions more worldwide, a great deal of people are struggling with a myriad of debts be it consumer debt, their mortgage payment, student loan, or other. Some of that debt might be referred to as 'good debt,' such as your house or your education, because it is seen as an investment; that's if you end-up getting your monies worth in the long-run however.
One thing that many Americans are still surprising willing to go into debt for today is their wedding.
This has prompted many engaged couples to turn to crowdfunding solutions over the years to try and have their big day funded by others. Some have even gone far enough as to ask their guests to directly pay for their meals.
A recent survey found that roughly 60 percent of Americans would be willing to dig themselves deeper into debt for their wedding day and would you be surprised to discover that the men were found to be more willing than the women to approve of the big spending and dig further into the pit of debt.
The financial website Comet is the one behind the survey that found many people today wouldn't have an issue with loading themselves up with debt to celebrate a single day.
At a time when couples should be mindful about their spending, when they are looking to embark on a new journey together that involves financial confidence, should we be surprised that there are still so many out there who are willing to take on thousands of dollars of debt to celebrate their wedding day?
Right now, it's estimated that 1 in 4 Americans wouldn't be able to handle an unexpected $400 financial emergency, yet many are reportedly more than ready to bask in debt over a wedding celebration. I guess for those who are doing the spending at the time, they don't feel like they are making a foolish decision. But who knows, maybe a few weeks later, months, or even years, they might look back and regret the financial decision that they made to take on the debt for that day.
There have been various reports that have come out where people have admitted that they regretted spending so much on their wedding day, some who spent $50k or more on the event. The average cost of a wedding today in the United States is reportedly somewhere around $35k.
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Interesting stats on weddings.
It seems so crazy to me, to spend $35,000 on a wedding in the first place - let alone going into debt for one.
I was told years age to NOT pay off my house, that it was better to let the bank carry the note. When the company I worked for was sold in 1992 all of my retirement accounts were up for grab if I paid the tax penalty. I was told this is a dumb thing to do. Home prices were going up 3x to 5x so I took my retirement paid off my mortgage and have lived debt free over since. I have more than made a profit by doing this, and the peace of knowing I was free of debt is freeing....
I know debt is unavoidable, my sons are just starting out in life and this is what it is to get there home etc.
RESTEEMED
PS I didn't go into debt for our wedding ,but I did sell my very first Krugerrand to pay for her wedding dress (:
thx for the resteem:)!
I wouldn't want to spend too much in a wedding but my plans hopefully allow for flexibility once that time comes.
I used to actively trade debt on LendingClub.com and it was interesting to see what people wanted to borrow money for.
The most common one was credit card consolidation. These were people who, ideally, were looking to reduce their debt by paying off high interest credit cards with a lower interest loan. It works well if they have the discipline to not use the credit cards afterwards.
Business loans, car loans, and medical bills were also common reasons for borrowing money, but they were way behind debt consolidation.
It was rare, but I did see wedding loans pop up occasionally. I wouldn't touch that with a ten foot pole. Spending your house down-payment on a party is maddness. Borrowing money for it is even worse.
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but what if it were a really good party 😂
Every one loves a good party, but that doesn't make it a good credit risk.
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Haha! Kind of reminds of this “rich” ppl who don’t tip or bitch about paying a 10$ cover for live music, then turn around and spend 200$ on a bottle of vodka lol.
I went into debt for my car, I wouldn’t do it again tho. I hate havin to make payments every month!
Think abt going into debt to buy crypto every now and again lol
We are feed debt on a plate and too often people don't realise the stress it causes before they engage. I have year of debt well I still have debt but its going down rapidly and I can see the end. It brought me down to me knees and nearly broke me but I have overcome that now. I would always advise not to get into debt and have learnt my lesson for sure 💯🐒
Pretty crazy, I’m def not in the wedding camp. Would much rather put the money towards an investment like land or something long term which will make more money. That whole wedding thing seems a little wild to me. You have a good shindig with ppl U love to celebrate w without breaking the bank!! 🤑
I agree, there are better things it could be put toward, thanks for your feedback and checking out the article :)
If they keep the money instead of going into debt for the wedding, they may not be fighting over money as soon when the honeymoon wears off. LOL
hahaha! some might😂
Most of the ppl I know realized it had been a foolish decision at there wedding ceremony. They usually don’t feel the celebrations the same way they expected.
I imagine it would be hard to enjoy the evening if you're spending what you can't afford
I would feel the same if I did. Weddings are more of submission to social conditioning on one hand and hypocrisy on the other. No one wants to feel as though less than others.
This is stupid.......but some people have no clue...
Well, I'm definitely not going into debt for a wedding, that's for sure. :)
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I don't have a credit card and I do everything in my power to avoid debt. I don't want to already owe people money if my personal economic situation goes belly-up! I also hate paying bills, so the fewer the better!
That's weird, I wouldn't do haha.
def not a wise move lol
Shit is about to hit the fan in a few years with so much debt in the world 😳
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