The Wedding Industry
Perhaps the most alarming thing about the wedding industry is just that. It’s an “industryâ€â€”like how space, big tobacco, steel, coal, pharmaceuticals, Hollywood, Detroit, OPEC, Martha Stewart and nuclear fusion are all “industries.†Over the last twenty years, wedding industry profit margins have increased by over 75%, proving that even when it comes to two people celebrating their entrance into a lifelong covenant of unconditional love and mutual solidarity, the business of America is still business. Perhaps the quintessential, albeit comic, image of the wedding industry first appeared in American theatres in 1991 with the release of Steve Martin’s remake of the1950 Vincente Minnelli classic that originally stared Spencer Tracy and Elizabeth Taylor: Father of the Bride. A critical, and humorous, difference between the 1950 film and 1991 remake is the pure absurdity of the 1991 wedding’s decadence. But while satiric absurdity rakes in money at the box office, the growing social expectation of a decadent wedding may leave many consumers coming to the altar with empty pockets and maxed out credit cards.
Reasons for NOT Charging a Wedding
$125 billion is roughly the size of Ireland’s GDP. It is also the amount of money Americans spent on 2.1 million weddings in 2005. The Fairchild Bridal Group estimates the average price of a US wedding at $27,327. Depending on how much you plan to spend on your wedding, paying for a wedding using a variable interest rate loan, such as a credit card, is a poor strategy if you plan to accrue a substantial amount of debt for the occasion. Additionally, if a couple uses a credit card with only one of their names on the account, the named member is legally responsible for the debt. This can be problematic in a country where credit card debt lasts longer than some nuptials.
Healthier Alternatives to a Plastic Wedding
Sit down with your fiancé and decide if you can postpone your wedding for one year to 16 months in order to save enough money to pay for the wedding in cash. Not all couples can wait. For example, if you happen to be a woman who happens to love riding bicycles or singing in public, and your fiancé happens to be a US citizen, and the State Department happens to be threatening to deport you back to Saudi Arabia when your student visa expires next Tuesday, then by all means marry your lucky sweetheart faster than Maureen Dowd can say “Robert Mapplethorpeâ€. Otherwise, consider postponing your wedding. You may also want to ask your family for financial support. Consider asking your respective parents if they can help alleviate wedding costs.
If You Must Pay for Your Wedding by Credit...
Protect yourself and your spouse-to-be! If you are paying for the wedding on separate credit card accounts, divide the cost of the wedding according to the percentage of money each of you brings to the marriage budget. If you produce 60% of your newly-wed income and your fiancé makes 40%, then place 60% of the wedding bill on your card and 40% on your fiancé’s. Most importantly, agree with your partner on a reasonable, time-specific plan to pay off the credit card debt once you are married. If the two of you cannot agree upon a reasonable plan to pay off the wedding debt within nine months or less, consider downsizing the wedding until it fits your budget, or postpone the wedding as you both continue to build your savings.
If you are an engaged couple, then you will want to look into The Knot Credit Card from American Express. This card helps you with all your wedding related expenses, and you do not have to worry about large fees.
Click here to apply for The Knot from American Express
Once you are a happy newlywed then you will want to check out The Nest Credit Card from American Express. When looking to transition into a joint account, and all other newlywed financial obligations, look no further then this card. It looks out for all new couples.
Click here to apply for The Nest from American Express
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