Should You Start Your Life Together With A Wedding Loan?
51183
Finance
Oct 26, 2007
james_copper
Should You Start Your Life Together With A Wedding Loan?
The short answer is an emphatic no While as a married couple you will incur a host of joint financial liabilities you will probably buy a house together, cars, perhaps acquire student loans, and find a host of other high ticket items that require prolonged financing the way to the altar should not be paved with them. However, they cannot always be avoiding in many cases and if you are going to take one out, be sure you do so with the best of intentions. Generally speaking, a wedding loan is a personal loan that is low enough to be easily obtained from a financial institution. Referring to it as a wedding loan is nothing more than an effective marketing tool sometimes these loans are called holiday loans, Christmas loans, or vacation loans. The rational is the same a small amount of ready cash is allotted to you that you may use any way you see fit, usually to purchase a service rather than a good. Thus, there is nothing securing the loan other than your signature. While the promise of ready cash is Siren song that many have fallen for, the reality catches up after the big event you are indebted and in addition to paying your regular bills which will wait for nobody, you now also have another payment for which you do not have a tangible item to show. Sure, you might have had a wonderful wedding with beautiful candles, bouquets of flowers everywhere, and stylish invites, but the candles broke when you moved into your apartment, the flowers have wilted, and the invites are being recycled by those to whom they were sent. A wedding loan is an unfortunate way of accumulating debt that is simply not necessary. Of course, you do have options. First and foremost, seek to save your money for the big event. Perhaps friends and family will help you and your partner save, and within a year, you might have a respectable amount of money. Secondly, sell some items you do not need and put the money into a short term investment account, such as a CD. This will not make you rich, but it will put the money out of your daily accounting and it will earn you a bit of interest. Last but not least, if you do not have the money for the lavish wedding of your dreams, set priorities. Perhaps you cannot afford the hand painted wedding china for the reception, but by saving on this aspect of the place setting, you might be able to afford the bridal veil that has captured your eye for such a long time now Quite possible the most dangerous pitfall that is akin to the wedding loan is the notion to finance your wedding with the help of a credit card. Sure, put down the plastic, sign on the dotted line, and the wedding gown is yours. Yet when the bill comes you will be amazed to see how long it will take for you to pay off the wedding loan you granted yourself.
James Copper is a writer for http://www.any-loans.co.uk where you can find adive on getting a wedding loan
send email to james_copper
Write a Review
Add to My Favorite
Refer it to Friend
Report Article
Other links owned by this user
This article takes a look at how someone can train as a plumber and what they will learn on their plumbing course.
Category:
This article looks at what second charge loans are and how you can use them.
Category:
An article describing what repossession is and ways of preventing it from happening to you
Category:
An article that goes through the different types of electrical training
Category:
Other links at Finance
Investing can be extremely complicated and there are misconceptions about how stocks react under different economic, political, and hysterical circumstances.
Category:
"The greatest treasure a man has lies between his ears", so said and agreed upon by countless number of philosophers, past thinkers, and great leaders.
Category:
Feeling stressed is a disease of our times. Unfortunately feeling that way can really make one's life a misery.
Category:
Flipping real estate is legal; mortgage fraud is not, invest in real estate the right way. Investing in foreclosures is a great way to get you off on the right path. Foreclosures are on the rise and the number of investors is growing.
Category:
There are certain mindsets or points of view that can be counter-productive to good communication. These errors in thinking, and if taken to the extreme, can inhibit both personal growth and growth in relationships.
Category:
Site Sponsor
Directory Statistics
Articles: 68285
Categories: 501
Yahoo Entertainment
