How to Overcome that Wedding Debt

by datingleon

Most brides have dreamt about their wedding day since they were tiny tots and forfeit nothing when it comes to organizing the special celebration.

Pre-wedding expenses, such as wedding invitations, the wedding gown – including garter and accessories, engagement and wedding rings, and bucks and hens nights are only followed by wedding ceremony expenses, wedding reception expenses and post-wedding expenses. To consider site rental, decorations, photographer, entertainment, food and drinks, gifts, wedding cards and the honeymoon is an incredibly overwhelming experience.

The cost of a wedding can range from $10,000 to a soaring $80,000, with the main varying factors being number of guests and whether or not the newlyweds enjoy a honeymoon soon after the wedding. While traditionally, the bride’s parents would cover the majority of the costs for the engagement and wedding, these days couples are more likely to take expenses into their own hands. For this reason, it’s too easy to bring out the credit card with the idea that the happy couple can worry about paying it off later. However, when ‘later’ arrives, post wedding and post honeymoon, it is a nasty shock to deal with an accumulated debt, especially if interest is tacked on top.

Balance transfer credit cards are a convenient way to reduce credit card debt as it is easy to consolidate multiple credit card debts on them. Most balance transfer credit cards only allow balances to be transferred with application, making it an easy and straightforward process that puts a stop to your debt building up over many months.

Newlyweds, in particular, would want nothing more than putting credit card debt behind them in order to be able to enjoy married life, whether it is in a new house or an old one, whether they are keen to start a family or not. Balance transfer cards can be a very useful means to credit card users who are dedicated to spending a small period time reducing their credit card debt.

Some balance transfer cards offer a lower than usual rate for an extended period of time and others provide an interest-free period for transferred balances that can last as long as 6 months. For someone who was going to pay a $15,000 debt off in a year, they would need to be making payments of approximately $1300 a month. With a 17.99% interest rate, that person is paying an extra $1,700 in interest. At a balance transfer rate of 2.99% for 12 months, the total interest paid by that person is reduced to $341 saving them a huge $1,360!

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