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Almost one-third of Americans have gone into debt to attend wedding – Turn to 10

1 minute, 38 seconds Read

Wedding season is officially here.

But these days, it’s more than just the bride and groom going into debt for the big day.

According to a new LendingTree survey, almost one-third of Americans who’ve been invited to a wedding in the last 5 years have taken on debt to attend.

Even more shocking? 23% of those people have taken on a debt of more than $2,500.

“Weddings are getting bigger and bigger, and there’s more that goes into it – especially when you’re talking about travel – whether it’s airfare or hotels or the bachelorette or bachelor party in Vegas or Nashville, or even just going to a nice resort where it’s a few hours outside of town,” Chief Credit Analyst for LendingTree Matt Schulz explained. “We’re seeing that so many people are asking a lot of people who are coming to their wedding.”

For the guests who decide they simply can’t afford to attend, there can be consequences.

The same survey found 12% of people who have declined a wedding invitation due to cost said it ruined their relationship with the couple.

So how can you still attend the event without digging yourself into too much debt?

“One of the best things you can do is just work with other people at the wedding,” Schulz said. “Maybe you talk to another bridesmaid or groomsman at the wedding about sharing the cost of a rental car or splitting a room – things like that can really make a difference.”

He continued, “And you can also start to put some money aside in a high yield savings account.”

Schulz said it’s also important for couples to be mindful of other people’s budgets while planning their wedding: Book hotel blocks at different price points, or give your bridesmaids budget-friendly options when picking dresses.

It is worth noting, though, that when asked if it was worth it to go into debt to attend a wedding, and a whopping 74% of survey respondents said yes.

This post was originally published on this site

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