The perfect wedding is seemingly out of most couples’ reach – between the dress, the catering, the ever-expanding guest list, and the open bar, a large amount of almost-marrieds end up saying, “Just charge it!”
A survey by Qualtrics commissioned by LendingTree found that 45% of newlyweds between 18 and 53-years-old went into debt to pay for their wedding. And they paid for that choice if you know what I mean. After the last party was over, almost half (47%) of the newlyweds who went into wedding-related debt said that they’ve considered getting a divorce because of money. (Only 9% of couples without wedding debt are pondering divorce.)
Not only does wedding debt gigantically increase your divorce risk, but it also sows marital disharmony. Three in four (76%) of newlyweds who went into wedding debt said they fought about wedding-related expenses with their husband or wife. Only 20% of those without nuptial debt agreed. And 36% of those who owed the caterer (or somebody) money reported arguing with their partner about money “often,” versus 11% of couples without nuptial debt.
Couples who didn’t go into debt over their weddings spent their cash gifts wisely – four in 10 saved it. (Only 10% of couples with wedding debt did this.) The wedding-indebted couples who received cash gifts, on the other hand, used the money to splurge on their honeymoon.
What was worth it
The most “worth it” wedding expenses were the honeymoon (27%), the food and drink (22%), and the venue (17%)
While the couples most definitely talked about those drool-worthy expenses before the wedding, one thing that 45% of recently Americans did not discuss with their partner before getting engaged was debt. About a third (31%) brought up money issues after the engagement, and a brave 13% didn’t speak of it at all until after they were married.
Well, all that wedding debt provides the perfect topic to ease their way into the subject.