Financial expert Chip Lupo from WalletHub offers advice on using credit cards responsibly for wedding expenses, suggesting strategies like using rewards cards, scaling back wedding plans, and prioritizing financial stability. He emphasizes avoiding long-term debt and establishes the importance of financial planning.
Credit card debt in the U.S. has reached a staggering $1.17 trillion. Bored Panda surveyed couples and consulted financial expert Chip Lupo from WalletHub to discuss the use of credit cards for wedding expenses . Lupo suggests that using credit cards responsibly can be beneficial. For instance, a rewards card or one with a 0% introductory APR can reduce costs or provide perks like travel points for the honeymoon.
However, he emphasizes the importance of avoiding long-term debt by paying off charges within the interest-free period. Other strategies include scaling back wedding plans or saving in advance. Lupo advises on the importance of prioritizing financial stability over extravagant weddings, suggesting options like crowdfunding, family assistance, or DIY decorations. He also recommends reassessing budgets and avoiding maxing out credit cards, and suggests building an emergency fund and setting realistic spending plans. Lupo advises brides to prioritize paying off student loans and other personal expenses, and to establish clear financial boundaries with family, avoiding co-signing loans or covering others' debts
Credit Card Debt Wedding Expenses Financial Advice Wallethub Chip Lupo Financial Stability Budgeting Rewards Cards
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