How to pay for a wedding: Credit cards, loans, cash or eloping instead?

The average cost of a wedding these days is around $30,000. To put that price in perspective; for $30,000 you can buy a brand new Mercedes C230 or a two bedroom house in Kansas. Plus, weddings only last a few hours and don't usually have a good return on investment (unless you have a lot of rich and generous guests).

More and more couples today are turning to credit cards to finance their dream weddings. This is becoming so common that American Express and The Knot announced the launch of a new co-branded wedding credit card:

To help couples organize and manage their wedding plans, each Cardmember receives The Knot Wedding Planning Kit, which includes The Knot Wedding Binder, exclusive offers from The Knot, American Express Vacations, and other partners and free gifts. Ongoing, the Card provides benefits and special discounts to numerous local and national wedding-related merchants, and unprecedented access to special events like wedding dress sales and bridal events.

Along with the special perks, kits and discounts, couples earn a bonus 10,000 reward points when they charge more than $15,000(!) on their card during a year period. With this credit card you will actually be rewarded for spending five figures on your wedding! Drowning in debt is such a lovely way to start your married life together.

You wouldn't use a credit card to finance a $30,000 car, so why should you use a credit card to finance a $30,000 wedding? Instead, consider the possibility of saving the amount, reducing the cost of your wedding or borrowing from a family member. If you must finance your wedding, research your personal loan options. These loans usually have a lower rate than credit cards and can be used for any type of expense.

How did you pay for your wedding? Share your stories and feedback in the comments section below.

Comments

[Emma]

Okay..hmmm. Well, I can say that, had I to do over again I would've done it differently. Of course, I was young enough that my parents insisted on paying for most of it, but my husband and I, and his parents chipped in. We all paid cash except for my parents.

But I don't regret it and as far as I know, they don't either. My sister eloped so I knew my parents wanted me to have a wedding.

[liz]

i'm paying for mine by:

1) saving up

2) splitting the costs (groom's family, bride's family, bride + groom)

3) only buying what we can afford!

i'd rather sacrifice on my "dream wedding" than start my married life in debt. what matters is the marriage, not the wedding!!