Do You Need Credit to Finance Your Wedding?

The time has arrived and excitedly you have switched from the romantic, engaged mode, to making serious plans for your wedding. Many couples arrive at this point realizing that they lack the funds to accomplish the wedding they have dreamed of. Now is the time to decide do you need credit to finance your wedding? Nowadays a lot of the couples being older and having worked for several years are taking on the expense of the wedding.

Traditionally the bride’s family is responsible for the following items:

• Wedding Invitations
• Thank You Notes
• The Wedding Ring for the Groom (this is paid for by the bride’s family or the bride)
• The Wedding Dress
• Formal wear for the Bride’s Father
• The Wedding Ceremony itself – the officiating clergy, church costs
• The Limo
• Flowers
• Decorations
• The Wedding Reception (including food and drink)
• Music
• Professional Photography

The groom’s family traditionally covers the following expenses:

• Their own Formal Wear
• Wedding Attire for the Groom and Best Man
• Cost of the Marriage License
• The Engagement Party
• The Rehearsal Dinner

The groom is responsible for the bride’s engagement ring and wedding ring.

The families can share the following costs:

• Dresses for the bridesmaids
• Formal Wear for the Ushers and Best Man
• Bouquets

The couple traditionally is responsible for the following:

Thank you gifts for the wedding party, parents, friends and anyone who helped with planning the wedding.

The following expenses can be shared by other members of the wedding party:

• The Best Man traditionally pays for the Bachelor Party
• The Bridesmaids may pay for their own dresses and the costs involved with the bridal shower.
• The wedding attendants can jointly offer to pay for the wedding gift, offer out-of-town guests a place to stay or transportation to the ceremony and reception.
• Ushers are responsible for the cost of their wedding clothes.

Up until recently traditionally the cost of the honeymoon has been the responsibility of the groom’s parents. I was not aware of this fact until writing this article! Some couples have adopted the concept of a “honeymoon registry”, where instead of paying for gifts the guests are paying for part of the overall honeymoon. This is an excellent solution when the couple already has a home and does not need duplicates of your typical toaster, pots and pans, sheets, towels, etc.

There are situations where neither of the couple’s parents can afford to help with the wedding. In this case, the total cost falls upon the shoulders of the couple.

If faced with the necessity of paying for the wedding the following options are available to the couple:

Option One: Traditional consumer credit loan. The money acquired in this manner can be used to pay for the wedding or anything else. Consumer loans are granted by banks. Some banks requires documentation of how the money will be spent. Some banks have a mandatory rule of your surety, the interest rate in these situations is usually lower. If this is the route the couple chooses to take they should check with their desired bank regarding the interest rate and procedures for payback.

Option number two is Special offers from banks at weddings: There are some banks that have special rates for newlyweds. They require document proving your intent to marry. These loans carry lower rates and the length of the loan may be longer. These loans typically allow for an early payment. Couples could use their monetary wedding gift to repay this loan. As regulations and services at banks have changed in this economic condition of our country the couple will have to research to see if these programs are still in existence.

Whatever your wedding plans are do not let the stress of whether you need credit to finance your wedding get the best of you and take away the joy of this very special, memorable occasion.