How Do You Pay Off Wedding Debt?
These days, it’s easy to spend thousands of dollars on a wedding ceremony and reception. And with the easy access to credit cards, many young couples are finding themselves in thousands or dollars in debt from the get-go. But with a practical plan and a lot of determination, these couples can pay off debt and turn their finances around for good. Stop using credit. This means using a cash-only plan. It may sound scary, but many people are achieving financial success with this method. With typical interest rates ranging from eight to twenty-one percent, paying off these cards is next to impossible if you continue to increase the balance. Commit to a moratorium on credit cards now and you will reap financial rewards later. Save for an emergency fund. Most people have at least one credit card “in case of emergency.” A better alternative is to achieve a healthy savings account for unexpected expenses. Try to save $1,000 to get started and don’t touch this money unless you truly need it for
