Engagement is an exciting time for Tennessee couples, but this excitement can cause some to make poor financial decisions. Many people want big, extravagant weddings, but not everyone can afford them. As a result, an engaged couple may buy things, pay for wedding services and pay for honeymoons on credit, leaving them entering their newly married life in debt. Some are quickly looking for ways to find debt relief.
There are some engaged couples that make the choice to take out specific wedding loans so they can afford the wedding of their dreams. Companies that market these types of loans do so by appealing to the desire that many have to have an Instagram-worthy wedding, with lots of expensive extras and experiences for the guests. Sometimes, these loans can be five figures with interest rates that can be as high as 30%.
People who finance their weddings or put a lot of wedding expenses on credit cards are often spending double the amount of other couples. This leaves a couple deeply in debt, which can be even more detrimental if one or both spouses is also carrying credit card or student loan debt into the marriage. This can quickly lead to financial stress, which is not healthy for a relationship.
Tennessee couples who have a significant amount of debt may find themselves considering debt relief through a bankruptcy filing. This step can allow a person to discharge and deal with certain types of debt in an organized manner that is free from creditor harassment. A couple or individual may want to seek an explanation of how this process works and whether filing is a beneficial choice.