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Taking loans to fulfill wedding dreams can lead to financial nightmare

Life still goes on, even in the midst of a pandemic, and for some couples, that means tying the knot. Be careful, you could get twisted up in a lot of debt.

MACON, Ga. — Life still goes on, even in the midst of a pandemic, and for some couples, that means tying the knot. If couples aren't careful, they could get twisted up in a lot of debt. 

A lot of engaged couples moved their spring wedding to this fall because of COVID-19, but even before coronavirus. October, not June, had turned into the big wedding month. According to industry experts, it's a trend that started about four years ago. Something that's not changed is the cost of a wedding.

Financial advisor Sherri Goss says, "People are going online and they're planning their weddings online and they're picking colors online, and these lenders are advertising online and they're charging up to 30 percent interest to get a wedding loan."

According to Goss, wedding loans are four times more popular this year than they were last year.

On average, a couple will spend $30,000 for a wedding and 32 percent of Americans are going into debt for their big day. 

"They feel they have no choice. Other people expect it. They want to impress their guests or they want it to look real good on social media, which are really bad reasons to go into debt."

Goss suggests you and your partner decide what your values are. Decide what most important for your big day and see how you can make those dreams happen without turning it into a financial nightmare.

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