Weddings are getting so expensive, guests are now in debt, survey shows
BOSTON - Right now, we're in the middle of the most popular time of the year to get married—summer and early fall.
And the latest numbers from a recent Lending Tree & Qualtrics survey show that weddings aren't just an expensive experience for the bride and groom. It's actually becoming more common for wedding guests to take on debt as well.
- 40% of you that have attended a wedding in the last five years have taken on a debt to just to be there for the ceremony.
- 32% of you, who were a part of the wedding party, racked up at least $500 in debt.
- And believe it or not - it's the groomsmen who are more likely to fall into debt than the bridesmaids and spend more.
- Of the groomsmen who were a part of this survey, 66% took on debt, with 38% of them spending $500 or more.
- 56% of bridesmaids have taken on debt, with only 26% spending a similar amount as the groomsmen.
"I think some of it is just that weddings themselves are getting bigger in scope. And it used to be that a destination wedding might have been a little less common. It might've been that a bachelor or bachelorette trip was something that people did, but not maybe as many people do. And I think that all of those things have become more and more common now and more and more kind of expected as part of the wedding process," said Matt Schulz, Chief Credit Analyst for Lending Tree.
So, what can you do to navigate the debt perhaps prevent it altogether? Schulz suggests:
- Put money aside, as soon as you can, into a high-yield savings account.
- Don't be afraid to talk to other members of the wedding party or guests. Get the conversation going about the possibility of splitting room costs or even a rental car.
- Last, but not least: use those credit card rewards to your advantage. Free flight, free or discounted airfare—every little thing can help make a difference.
"Anytime weddings are involved, it can be a really emotional thing. And it can be really tough for somebody to go up to their friend and say, 'Hey, I can't afford this or I'm going to have a really hard time fitting this into my budget.' And the truth is, chances are, your friends don't want you to take on a ton of debt to go to their wedding, and there probably will be some understanding," said Schulz.