Alright the stats are in, and they’re mind-boggling. American adults never cease to amaze me in this kind of stuff. Here, more than one million borrowed money last year to pull off their dream wedding. The average amount borrowed to cover the costs was $3,082. To put this into greater perspective, out of 126 million American adults, last year more than one million (1.13 million to be exact) got married. And they borrowed a lot of debt to do it.

U.S. couples borrowed $3.48 billion for weddings in 2017. Most of the couples turned to credit cards or personal loans to finance their nuptials, an article on Finder.com says. Additionally, one in five (21.4%) U.S. adults borrowed cash from family and friends over the past year in order to see their wedding dreams fulfilled.

DON’T BORROW MONEY TO GET DIVORCED

Why bother? is what I ask. Family and friends are cash strapped as well. You don’t need to create the personal stress on a good relationship. Odds are you’re going to end up coming to see us for a divorce sooner or later anyway, so save your friends, your family, and your money for a rainy day. Invest in gold coins. Don’t go into debt over something unless there’s a greater return and a positive cash flow.

I’ve been telling clients for years that all marriages end up in either divorce or death, so what was your rush in this down-turning economy? “Fifty percent of those who get married end up in divorce,” I would say.

Well, I was told I was wrong on that one. I did the research, and okay, maybe I was a off by a few percentage points. It appears the divorce rate may actually be on the decline, but there could be many factors attributable to that like maybe the fact that the marriage rate is declining as well. However, considering all factors, I believe what Bella DePaulo, Ph.D., author, and expert on single people, says regarding the chances that a marriage will end in divorce. According to DePaulo, the divorce expectation rate for those of us who are presently married is probably somewhere between 42 and 45 percent.

In PsychologyToday.com DePaulo cites a 2014 New York Times article reviewing the national divorce rate. “It is no longer true that the divorce rate is rising, or that half of all marriages end in divorce,” Claire Cain Miller wrote in that article. “It has not been for some time.”

BUT AGAIN, WHY BORROW AT A 55% TO 58% CHANCE OF SUCCESS?

Might as well just flip a coin then. Will we stay married … or won’t we? Heads you win, tails I lose. Do the math. Is it worth getting yourself in deeper debt to contractually bind you to a legal relationship that will end at some point anyway? Death or divorce, choose your weapon.

Right now the financial experts are telling us that the financial system is reaching crisis proportion. We’re being told to save as best as we can and to invest in real assets. We’re being told that the U.S. dollar as a paper currency is going to disappear; that we’re turning into a digital currency society. Experts predict, and financial trends indicate, we’re going to experience a severe credit freeze with banks. On top of all that, some of us are thinking of borrowing money to get married? Are we crazy? Are we American?

Good luck.

For those who must do it now, before it’s too late, there are sympathetic ears and advice. Blair Donovan writes for brides.com, giving some ideas about borrowing money for your wedding.

“First, assess the average loan period you are capable of in order to repay your debt on time,” Donovan writes. “Next, evaluate what the most reasonable interest rate might be. A higher interest rate may seem less daunting if your payoff period is short, as in the case of payday loans. However, if you need several months or years to pay back what you owe then a lesser interest rate may be the most sensible option to cover your wedding day expenses.” Or….

You can get married without borrowing. Have the wedding in a national forest with three witnesses, a minister, and a portable hot tub. Much less expensive without the bar tab and no room for in-laws in the tub. Or …

Forget about getting married, save the money, invest it wisely in undervalued assets, and just be friends. Dutch Treat worked great in the 90s, and it’d work just fine for the two of you heading into the Roaring 20s.

 

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