Chip Lupo from WalletHub provides advice on how couples can manage wedding expenses using credit cards without falling into long-term debt. He recommends using 0% APR or rewards credit cards and offers alternatives like scaling back on plans and saving in advance.
credit card debt in the U.S. totals a whopping $1.17 trillion. More than half the couples that took part inBored Panda reached out to WalletHub’s finance writer and analyst Chip Lupo , to see what he had to say about using credit cards to cover wedding expenses . The expert believes it can
“For example, a rewards credit card or one with a 0% introductory annual percentage rate can reduce costs or provide valuable perks such as travel points you can use toward the honeymoon.” However, he adds that you should only charge what you can afford to repay during the interest-free period.There are other options, says Lupo. These include scaling back on wedding plans, hosting a simpler ceremony, or saving in advance.
accumulating new charges. “Make sure to stick to a strict budget to prevent further debt build-up,” he added. “Finally, contact your creditors to discuss payment plans or hardship programs if necessary.”“The best way to avoid debt when planning a wedding is to live within your means and plan ahead,” advises Lupo. He says the first step to avoiding wedding debt is to set a realistic budget and stick to it.“Spend what you can afford, preferably from funds saved and not borrowed,” he cautioned.
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