> 225,000 couples owe a collective $3.7 billion for weddings that didn't > happen in 2020 > Stephanie Asymkos <https://www.yahoo.com/author/stephanie-asymkos> > ·Reporter > https://money.yahoo.com/1-in-9-couples-owe-money-on- weddings-that-never-happened-this-year-211707339.html
> YAHOO MONEY October 29, 2020 > > Only in 2020 can the cost of saying “I don’t” outweigh the cost of saying > “I do.” > > One in 9 couples planning to marry this year, or 225,000 engaged pairs, > owe $3.7 billion in personal loans for canceled weddings during the > pandemic > <https://money.yahoo.com/couples-call-off-wedding-pandemic-losing-time-and-money-174924615.html>, > according to a new analysis from Loanry > <https://www.loanry.com/blog/cost-not-saying-i-do/>, an online personal > lender. That works out to about $16,444 in outstanding balances on average > for each couple. > > “This last year will have been devastating for many couples,” said Ethan > Taub, founder of Loanry, “especially for the percentage paying off loans > for weddings that haven’t happened.” > > The analysis considered five factors: the average number of weddings that > take place each year, the percentage of those postponed this year, the > number of personal loans taken out for weddings, the average cost and > budget of a wedding, and the average loan amount for a wedding based on > Loanry’s own data. > > The pandemic has caused engaged couples to drastically reduce their guests > lists, marry in their backyards, and cancel honeymoons. The evolving > postponements and plan reversals have come with fees for many couples, some > of whom were already under financial stress during their initial wedding > planning. > > As new invitations go out and new vendor contracts are made for 2021 > <https://money.yahoo.com/most-engaged-couples-forge-ahead-on-summer-weddings-but-with-modifications-204632151.html>, > engaged couples who financed their nuptials and are now in a financially > precarious position still owe a large debt to lenders. > > The average personal loan for wedding-related expenses is $16,500, > according to Loanry — which is nearly half of the total average wedding > cost of $33,900 <https://www.theknot.com/content/average-wedding-cost> in > the United States as of 2019. As more couples self-fund their nuptials, the > move to borrow money for their wedding days is growing at a fast clip and > “quadrupled” from 2018 to 2019 for one online lender, according to a report > in The Washington Post > <https://www.washingtonpost.com/business/2019/06/19/married-debt-couples-are-taking-out-loans-pay-their-weddings/> > . > > The move is so common that lenders have caught onto the phenomenon and > created wedding-specific loans, such as those for engagement rings or > wedding debt consolidation. Of the 20 million personal loans issued last > year in the U.S., 1.5%, or 300,000, were taken out to help finance weddings. > > “You should take financing a wedding using a loan very seriously,” Taub > said, “and we don’t recommend it.” > > Since the wedding industry has been forced to scale down in 2020 > <https://money.yahoo.com/engaged-couples-are-taking-first-honeymoons-on-canceled-wedding-dates-200035940.>, > the move to smaller, more intimate affairs may stick around as long as the > pandemic does. The trend may mean that engaged couples will now plan > weddings that are more within their budgets, and are not dependent on > financing. > > “However, we can take a positive from this situation. It may have > highlighted that an exuberant wedding isn’t always the best option,” Taub > said. “The occasion will be memorable no matter how much you spend on it.” > --- Support News from Underground: https://bit.ly/NFUSupport Visit News from Underground: https://markcrispinmiller.com You received this email because you are subscribed to News from Underground. To unsubscribe from this email list, please go to: http://www.simplelists.com/confirm.php?u=pIdjNUgiG2h8yxbhC54SSy4SEskAoEMs For archives, please go to: https://archives.simplelists.com/nfu
