09:25 GMT05 August 2021
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    Household debt expert Ethan Taub said 2020 has been a devastating year for many couples planning to get married. He cautioned against borrowing for lavish weddings and suggested going for low-key celebrations instead.

    Almost a quarter-million US couples who have had their weddings cancelled during the coronavirus pandemic have been left saddled with average debts of $16,500 as a result.

    Lending website Loanry.com published data shows that 225,000 engaged sweethearts had been forced to postpone or call off weddings that they borrowed money to pay for. 

    Between them, they owed a staggering $3.7 billion for celebrations they never got to enjoy - an average of $16,500 per couple.

    “This last year will have been devastating for many couples," Loanry.com founder Ethan Taub said. "Especially for the percentage paying off loans for weddings that haven’t happened."

    “You should take financing a wedding using a loan very seriously and we don’t recommend it," Taub advised. "In fact, finding ways to cut costs on your wedding expenses is a far more effective alternative. In this way, you can avoid unnecessary debt yet still enjoy your big day.

    "However, we can take a positive from this situation. It may have highlighted that an exuberant wedding isn’t always the best option. The occasion will be memorable no matter how much you spend on it."




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    COVID-19, coronavirus, wedding, Marriage, Debt, US
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