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225,000 couples at a wedding with a postponed pandemic borrow a $ 3.7 billion loan | National
(FOX NEWS)-Weddings are already a huge financial burden for couples and families, but the coronavirus pandemic adds to the frustration of couples planning to get married this year.
According to a new report, hundreds of thousands of couples are paying back their loans for a wedding that hasn’t happened yet.
Online lending platform last week Loan reporting The 225,000 couples who postponed their wedding are repaying $ 3.7 billion in bulk on a loan they borrowed to fund these celebrations.
That’s an average of $ 16,500 per couple.
“Last year will be devastating for many couples,” Lonely founder Ethan Taub said in a report. “Especially about the rate of repayment of loans for weddings that aren’t happening.”
“But we can take a positive stance from this situation. We may have emphasized that a vibrant wedding is not always the best option,” Taub added. I got married. “No matter how much money you spend, it will be memorable.”
In its report, Loanry uses data showing the approximate number of weddings held each year, the number of weddings postponed this year, the number of personal loans used to pay for the wedding, and the average wedding cost. did.
The platform reported that an average of 2 million weddings are held each year in the United States, most of which take place between March and October.
by Data from the knot Published in May, 93% of US couples have decided to postpone their wedding celebrations.
Of the 20 million personal loans made in the United States last year, 1.5% were specifically to help couples pay for their wedding, Lonely reported.
The lending platform previously discovered that couples have an average of $ 16,500 in loans for their wedding. That’s just under half of the average wedding cost of $ 33,900, according to February data. knot..
“Wedding wedding financing with a loan should be taken very seriously and we don’t recommend it,” Taub said. “In fact, finding a way to reduce wedding costs is a much more effective alternative. In this way, you can enjoy your big day while avoiding unnecessary debt.”
Copyright 2020 WDRB Media and Fox Media. all rights reserved.
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