Wedding.. loan or card?

Deliwoo

Hi.

Myself and my partner are marrying later this year and need to borrow approx £6000 for the venue, food, transport etc.

We both work full time but are low earners so would need our repayments to be as small and manageable as possible.

My question is.. which would be most suitable and/or sensible taking out a loan or setting up a credit card or two?

Thanks

lika_86

Deliwoo wrote: »

Hi.

Myself and my partner are marrying later this year and need to borrow approx £6000 for the venue, food, transport etc.

We both work full time but are low earners so would need our repayments to be as small and manageable as possible.

My question is.. which would be most suitable and/or sensible taking out a loan or setting up a credit card or two?

Thanks

Why not postpone the wedding until you can afford it or cut down the cost until you can afford it without taking on debt?

Deliwoo

Myself and my family have saved as much as we can and now a close family members health is deteriorating so now is the time.

So now my motive has been questioned an answer to my original question would be appreciated

firebird082

Deliwoo wrote: »

My question is.. which would be most suitable and/or sensible taking out a loan or setting up a credit card or two?

This is a moneysaving site. The answer is that neither of these options are sensible... as the poster above said, why not ha the wedding you can afford, rather than the one that you need to borrow to fund? There is no end of advice on here on how to reduce wedding costs. Or have you already booked venue etc?

gettingtheresometime

Deliwoo wrote: »

Myself and my family have saved as much as we can and now a close family members health is deteriorating so now is the time.

So now my motive has been questioned an answer to my original question would be appreciated

In fairness you hear of so many people getting into debt to the tune of thousands for a wedding the comments were understandable.


However I can understand why you want to get married as soon as possible.


Are you committed to spending £6K ? If not then before you do then I'd check to see how long it would take to pay back that money and then you can decide if its worth doing as no doubt it will impact on opportunities in the future.


Note I'm not saying don't get married, as I appreciate having that family member present is really important to you - just think very carefully as to whether incurring this debt is worth it and if you can get married more economically .

DD265

If you had to borrow, then on a 0% credit card would be the way to do it. That said, you might find that not all of your vendors will accept credit cards and some will only take cash/cheques/BACS - which is a limitation of having a credit card.

There are eligibility calculators on here for both loans and credit cards.

FutureGirl

Have you booked the date / venue? If not I'd find somewhere cheaper.

Don't start married life in debt. I would bother with a credit card because, even if you get one on 0% it'd only be for a max of 23 months and then it'd earn interest. You're also then more likely to only pay the minimum which means you'd be stuck paying it off forever.

I think £6K is a lot of money on a wedding when you're on a low income - considering you mention you've already saved some £ as well.

Can you not do away with the transport for a start?

DigForVictory

A friend works as a Registrar - if you can ditch the Great White Wedding ideal in favour of a "how much fun can we have on this budget within this time", then you will be able to bring your wedding day forward further & more affordably.

Do please talk to both families & as many relatives as you can bear, asking for practical help - who could bake you a cake, lend you a dress or suit, make a bouquet for X date? (Sort the date first!) You'll be stunned at the talent and generosity in your families if you can bring yourselves to stop living a dream & start planning a real, soon, wedding.

They will understand & will usually want to help. If not, so much easier to slip them off the list of guests...

Meanwhile, rack the date forward & see if you can get a long months zero percent credit card, but aim to be married within your means surrounded by those who love & help you.

Very best wishes for a fun prompt and affordable wedding starting you on a long & happily married life!