How to Tackle Wedding Debt

by Erika Torres
4 comments

Getting married these days is really not cheap. Even if you try and tie the knot on a budget, essential expenses such as the venue, the dress, suits, catering, the cake and even the honeymoon can all start to add up, leaving couples entering married life a few thousand dollars deeper in debt. If you took out a few credit cards to help you with the bulk of your wedding purchases, paying them back can take time. Thankfully, there are a few different ways in which you can reduce the amount that you repay on your credit cards and other debts and make your finances much more manageable.

Debt Consolidation

If you have a number of credit card repayments to make each month, looking into your options for debt consolidation can be a great way to make your financial budget a little more manageable and give you extra disposable income. If your credit rating is still good, the best way to consolidate your debts is to apply for another loan or credit card, which you can use to pay off all your existing debts in full. You’ll then be able to simply make one single repayment per month, which will cost you less than making multiple repayments in most cases. If you’re unable to get extra credit, there are many further debt consolidation options available. Visit this debt consolidation attorney San Diego to find out more.

Speak to Your Creditors

If your debts are getting on top of you, speaking to your creditors may be the best way to ease some of the burden. Creditors are normally understanding about circumstances changing, and know that it’s better to work around somebody’s needs than to force them to pay money which they do not have. Getting in touch with your creditors as soon as possible to explain your situation will put you in better standing with them, and may result in you being able to negotiate a deal for more manageable, reduced monthly payments. Additionally, you may be able to come to an agreement about a reduced fee for paying off the debt in full.

Rebuilding Your Credit Rating

Debt problems can often cause your credit rating to plummet. Even just one or two missed payments on a small limit credit card can seriously cause your credit rating to suffer, hurting your chances of getting credit in the future. If you find yourself in financial difficulties, speaking to your creditors or looking into debt consolidation options as early as possible can help to keep the damage to your credit rating as minimal as possible. If the damage is already done, don’t worry – there are plenty of things you can do to help repair and build your credit rating including making any agreed payments in full and on time and with the help of products such as credit building cards once you can comfortably afford to take on debt again.

Life as a married couple can have its stressful factors, but you don’t have to let debt be one of them!

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4 comments

R May 15, 2016 - 11:04 pm

I think the trick is to not be in debt because of a wedding. I’m getting married in a month and we decided to set our priorities. Basically, in my mind, if I’ve been to a wedding and I didn’t remember something, then it will not happen to mine. Things like centerpieces, decors and such can add up. That said, I know folks who spends a lot on theirs and this is a useful article for debt consolidation in general.

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Steave May 8, 2016 - 4:28 pm

Dealing with wedding debt should be the task of the two, like what I and my wife did. But, most of expenses are on me. I am glad that I prepared much for our wedding so we didn’t have much debt to deal with afterward.

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Ramona @ Personal Finance Today April 30, 2016 - 1:03 pm

We didn’t get a regular wedding, since the costs were huge and we were already getting ready for a baby in 7 months time. So we decided to skip the wedding and get a civil ceremony and get our closest friends to lunch. It was an event to remember, even if it wasn’t the real deal.

It’s sad to see so many people get in debt just because society thinks it’s normal to just spend thousands of dollars on a day. Fortunately, articles like this will help people find solutions to get back on track and really enjoy married life.

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Jamie April 30, 2016 - 4:02 am

We did debt consolidation not for wedding debt, but this strategy is really good because you paid most of your debts by just getting a bigger single loan.

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