LOS ANGELES – No amount of wedding planning could have prepared engaged couples for the COVID-19 pandemic this year.
Research from Loanry.com, an online organization dedicated to “simplifying” complex financial situations, shows that 11 percent of couples planning to get married — or 225,000 couples — are paying back loans for weddings that have not happened this year.
According to Loanry.com, the average wedding costs over $30,000, and couples take out an average loan of $16,500 to pay for the wedding.
Considering that 11 percent of couples have taken out a loan in 2020 for a postponed or canceled wedding, the total amount of debt for weddings that have not happened yet adds up to a staggering $3.7 billion.
“You should take financing a wedding using a loan very seriously and we don’t recommend it,” wrote Ethan Taub, CEO of Loanry.com. “In fact, finding ways to cut costs on your wedding expenses is a far more effective alternative. In this way, you can avoid unnecessary debt yet still enjoy your big day.”
The website also highlighted some “quick and easy” tips on how to save up on wedding expenses. The suggestions included holding the ceremony between November and April to avoid peak-season prices and designing and printing your own invitations.
“This last year will have been devastating for many couples. Especially for the percentage paying off loans for weddings that haven’t happened,” added Taub. “It may have highlighted that an exuberant wedding isn’t always the best option. The occasion will be memorable no matter how much you spend on it.”