Was anyone else planning on taking out a small loan to help them pay for the wedding? FH and I were and now we r afraid that me might not be able to get one because of all the c rap thats been going on!! Is anyone else feeling the stress?
bluegreen08
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Re: Taking a loan out to pay for wedding
Don't take out the loan if you can help it! It's just a big party --- and it's over before you know it. You don't want to start your marriage with debt, especially since $$$ is a major source of problems for married couples.
Scale back the wedding, postpone the date, get a second or third job, sell stuff on ebay, babysit on the weekends, don't eat out, do whatever you can but try to avoid the loan at all costs!
VickiR510
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Re: Taking a loan out to pay for wedding
Posted by Espo22
Posted by Just Cindy
I dont mean to be rude but to be brutally honest I would NEVER ever take a loan out for a party. I would downsize the party to whatever you can afford and if you cant afford it now I would postpone. JMO but loans are meant for major purchases like a house or car, home improvements, etc..... and not meant to be used for 4-5 hrs of your life.
yeah i am sorry but i agree. Especially if you plan to buy a home after the wedding, you wont even be able to bc you still have a personal loan to pay off and nobody is going to lend you money today if you still have a personal loan out. And everybody always says 'oh we'll just pay it off with the money we get at the wedding' but wouldn't you rather use that as a downpayment towards a home rather than just paying off the wedding. Its better off to find ways to cut costs rather than get a personal loan out, those are the worst out of any loan you can get and can really cause damage.
Absolutely agree! That would be crazy to take a loan to pay for a 1 night event. Try to downsize or cut some corners where ever u can! Also try not to use CC's the worstthing is to be in debt before you even begin your mariage. Good luck
Espo22
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Re: Taking a loan out to pay for wedding
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
awww dont postpone your HM. Wait until you get closer to the wedding, see if by any chance you can save a bit more. Then if anything, lets say you need just $2k more, ask your parents or his parents for the money and say you will pay them back right after the wedding. Or use a CC with a low interest rate instead of a loan.
megsher
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Re: Taking a loan out to pay for wedding
I love paypal. It's great!
Espo22
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Re: Taking a loan out to pay for wedding
Posted by FuTuRe MrS MaZz
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
whatever CC you have now... if you've been loyal to the company, call them up and ask for a rate reduction (not sure how easily that will work now with the economy the way it is) but i did that late last yr, and got it reduced dramatically!
a bit off topic but did anyone see what they said last night on the news about CC's. They said alot of CC companies are automatically lowering the credit limit on CC's of existing clients. They said many ppl will get a letter in the mail soon telling them that their availability has been reduced, which s*cks and i wonder how much they're going to lower it by
bluegreen08
Posted:
Member since
Re: Taking a loan out to pay for wedding
Posted by Espo22
Posted by FuTuRe MrS MaZz
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
whatever CC you have now... if you've been loyal to the company, call them up and ask for a rate reduction (not sure how easily that will work now with the economy the way it is) but i did that late last yr, and got it reduced dramatically!
a bit off topic but did anyone see what they said last night on the news about CC's. They said alot of CC companies are automatically lowering the balance on CC's of existing clients. They said many ppl will get a letter in the mail soon telling them that their availability has been reduced, which s*cks and i wonder how much they're going to lower it by
lowering their available balance or their balance?
egem523
Posted:
Member since
Re: Taking a loan out to pay for wedding
Posted by Espo22
Posted by FuTuRe MrS MaZz
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
whatever CC you have now... if you've been loyal to the company, call them up and ask for a rate reduction (not sure how easily that will work now with the economy the way it is) but i did that late last yr, and got it reduced dramatically!
a bit off topic but did anyone see what they said last night on the news about CC's. They said alot of CC companies are automatically lowering the balance on CC's of existing clients. They said many ppl will get a letter in the mail soon telling them that their availability has been reduced, which s*cks and i wonder how much they're going to lower it by
This already happen to me with my Home Depot card that I do not even use. I just receive a letter that they reduce to 600 from 1000
Espo22
Posted:
Member since
Re: Taking a loan out to pay for wedding
Posted by bluegreen08
Posted by Espo22
Posted by FuTuRe MrS MaZz
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
whatever CC you have now... if you've been loyal to the company, call them up and ask for a rate reduction (not sure how easily that will work now with the economy the way it is) but i did that late last yr, and got it reduced dramatically!
a bit off topic but did anyone see what they said last night on the news about CC's. They said alot of CC companies are automatically lowering the credit limit on CC's of existing clients. They said many ppl will get a letter in the mail soon telling them that their availability has been reduced, which s*cks and i wonder how much they're going to lower it by
lowering their available balance or their balance?
sorry i realized how i wrote that wrong. Your credit limit will be lowered, so nobody is getting a break from the balance they have to pay sorry. So if your limit was $2k now it can be lowered to $1k
Espo22
Posted:
Member since
Re: Taking a loan out to pay for wedding
Posted by egem523
Posted by Espo22
Posted by FuTuRe MrS MaZz
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
whatever CC you have now... if you've been loyal to the company, call them up and ask for a rate reduction (not sure how easily that will work now with the economy the way it is) but i did that late last yr, and got it reduced dramatically!
a bit off topic but did anyone see what they said last night on the news about CC's. They said alot of CC companies are automatically lowering the balance on CC's of existing clients. They said many ppl will get a letter in the mail soon telling them that their availability has been reduced, which s*cks and i wonder how much they're going to lower it by
This already happen to me with my Home Depot card that I do not even use. I just receive a letter that they reduce to 600 from 1000
wow they didnt waste any time huh.
FuTuRe MrS MaZz
Posted:
Member since
Re: Taking a loan out to pay for wedding
oh wow... didnt know about the avail balance reductions! i def dont use all of mine, not even close, but i like to know its there just in case
egem523
Posted:
Member since
Re: Taking a loan out to pay for wedding
Posted by Espo22
Posted by egem523
Posted by Espo22
Posted by FuTuRe MrS MaZz
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
whatever CC you have now... if you've been loyal to the company, call them up and ask for a rate reduction (not sure how easily that will work now with the economy the way it is) but i did that late last yr, and got it reduced dramatically!
a bit off topic but did anyone see what they said last night on the news about CC's. They said alot of CC companies are automatically lowering the balance on CC's of existing clients. They said many ppl will get a letter in the mail soon telling them that their availability has been reduced, which s*cks and i wonder how much they're going to lower it by
This already happen to me with my Home Depot card that I do not even use. I just receive a letter that they reduce to 600 from 1000
wow they didnt waste any time huh.
I meant to say this happen about 2 months
bluegreen08
Posted:
Member since
Re: Taking a loan out to pay for wedding
interesting, ill have to check our cards. the only one i use regularly is citibank and they just upped my limit about a month ago. i pay off my balance at the end of each month but i'd think they would send some kind of notification if there was a change?
interesting, ill have to check our cards. the only one i use regularly is citibank and they just upped my limit about a month ago. i pay off my balance at the end of each month but i'd think they would send some kind of notification if there was a change?
yeah they just said this on the news last night and they said that ppl will START getting letters soon, this was only said yesterday so they would be going out soon not that they went out already. Not every company is doing this so not everybody has to worry.
FutureMrsC
Posted:
Member since
Re: Taking a loan out to pay for wedding
It's true...I already noticed on my Amex. They cut my credit line in half
hmm interesting article. SO seems like Amex is doing this, but alot of other good info. I dont have any cc's so not worried about this, DH might not like it lol bc he has cc's
Aristotelina
Posted:
Member since
Re: Taking a loan out to pay for wedding
Posted by FutureMrsC
It's true...I already noticed on my Amex. They cut my credit line in half
They did it to me too, about a month ago.
I considered for a minute to also take out a loan, but we are going to borrow from FH's parents and then pay them back instead so we don't have to pay interest.
MrsDtoBe09
Posted:
Member since
Re: Taking a loan out to pay for wedding
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
I'd say if you can't afford it just wait. I dont think I could have a good time on my honeymoon while worrying about it not being paid for.
