Credit is always a temptation; the level of credit card debt in the USA suggests that it has tempted a huge number of people. Some seem able to keep their borrowing under control though statistics show that those who are facing problems owe in excess of $15,000 and do not appear to have a strategy of getting rid of it. It is surely causing stress and sleepless nights? It begs the question about the thought processes people go through in deciding to pay for something that their income cannot justify.
Sensible and Realistic
There are special occasions in life worth celebrating. Few can match getting married; it should be a once in a lifetime experience and it should be memorable. The question must be asked as to whether the cost of a wedding can be justified if it leaves a level of debt that creates lasting problems. The strain that financial problems are likely to put on a marriage can result in the breakdown of the relationship and even greater misery.
If you have wealthy parents then money should not be a problem; you can have the day of your dreams. If somehow you need to fund the day yourselves and look for credit to do it then things can be altogether different. A recent survey suggests that a wedding day can cost on average over $30,000 before the bill for the honeymoon comes in. It is not a good idea to start our married life with debts based upon the cost of the day. It may be that you feel that with two pay checks coming in you can afford to make repayments over a period of time but that may leave little scope for any change of circumstances. Those circumstances can include an addition to the family whereby one of the pay checks may cease with a baby in the house. Another obvious demand on finance is the deposit on real estate. Does it seem worthwhile to spend on your wedding when it could delay your buying real estate for a year or two?
Divorce has become all too common these days and money problems and the resultant stress are certainly a factor in some cases.
Start as You Mean to Go On
The way to begin a marriage and the way to continue is with finance in order. If you and your partner still have student loans to settle and credit card debt created to help you through college then you should address those issues as a matter of priority and certainly avoid adding to your problems even for something as special as a wedding day.
As you go through married life there will be differing calls on household income. Initially with potentially two pay checks coming in and no other mouths to feed you should be in reasonable financial shape. If you aren’t it is unlikely that things will get better unless you get things in shape as a matter of priority. Certainly credit card debt can be a problem because balances are liable for a high rate of interest at the end of each month. It makes better sense to pay them off with a realisticloans.com installment loans no credit check that is obtainable at a far lower rate of interest.
There are plenty of online lenders that look favourably at loan applications from people with sufficient regular income to justify approval because the instalment repayments for the full term of the loan look affordable. Problem solved unless you have not got the self-discipline to avoid building up a balance once again.
Over time you are likely to be looking to build up sufficient of a deposit to buy your own home. If you begin to raise a family household costs can rise at a time when monthly income can fall. These are all circumstances that can be anticipated and consequently planned for address. Whether you decide to write down a budget and check it regularly or whether you know how you stand at any one time, you must start out married life on a solid financial footing and continue in future years in control.