More than half of surveyed couples sought advice on using credit cards for wedding expenses. Finance expert Chip Lupo from WalletHub recommends strategic use of credit cards with effective management of interest-free periods and benefits, while also emphasizing the importance of budgeting and financial stability.
The total credit card debt in the U.S. is a staggering $1.17 trillion. A survey conducted by Bored Panda revealed that more than half of the couples sought advice from WalletHub's finance writer and analyst, Chip Lupo, about using credit cards for wedding expenses . Lupo believes that while using credit cards can be a strategic financial move if done responsibly, couples should avoid long-term debt by utilizing interest-free periods and credit card benefits effectively.
He suggests using rewards credit cards or those with 0% introductory APR to reduce costs or gain perks like travel points. However, he emphasizes charging only what can be repaid during the interest-free period. Lupo also recommends scaling down wedding plans, opting for simpler ceremonies, or saving in advance. Other cost-saving ideas include crowdfunding, family assistance, and DIY decorations. He advises prioritizing financial stability over extravagant celebrations and establishing a realistic budget. For the bride, Lupo stresses the importance of reassessing budgets, avoiding maxed-out credit cards, and setting up an emergency fund. He advises building financial independence by prioritizing the repayment of student loans and avoiding co-signing or covering others' debts unless fully prepared
Credit Card Debt Wedding Expenses Financial Advice Budgeting Emergency Fund
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