Save money on your Wedding Debt with a Debt Consolidation Loan
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In the planning stages of a wedding, no one really thinks about all of the little costs. It seems much more important to keep everyone involved happy than it does to worry about the costs of a few extra guests, an additional appetizer choice, or the special flourishes on the cake. After you get back from the honeymoon, though, the costs for those little extras add up to one giant credit card bill.
That leftover wedding debt can get your marriage off to a rocky start. If you’re hoping to buy a house or save for a baby in the near future, you’re going to need to get rid of that debt as quickly as possible. With the average American wedding projected to cost about $25,000 this year, however, it could take years to dig out from under all of that debt.
Fortunately, there is a way to get the debt under control while improving your credit score and building your savings. Replace your credit card debt with a debt consolidation loan. You and your spouse can combine your credit cards, student loans, auto loans, and personal loans into a single loan with a low interest rate and low monthly payment.
When you apply for a debt consolidation loan, you’ll work with a debt counselor who will help you to create a combined budget. This budget will include both of your incomes, as well as a combined list of your bills. You can choose to take out a single debt consolidation loan for your joint debts, or two loans that will allow you to work on your debts individually.
<p data-sp-element=”content”>The advantage of a debt consolidation loan is that your will pay a lower interest rate and have a longer period of time to pay back the debt. Those two factors can mean that you could pay less than half of what you’re currently paying now on your loans. With the money you save, you can get your debt paid off even faster, or build up your savings. In a short amount of time, you’ll have all of your debt paid off, and you’ll have a healthy balance in your savings account that will allow the two of you to start planning your future together.