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Yes... recently met someone who took out a $150K loan on a wedding. Blew my mind that anyone would think that was a good idea (mind you, the partner who did tha

by shishy 7y ago

Yes... recently met someone who took out a $150K loan on a wedding. Blew my mind that anyone would think that was a good idea (mind you, the partner who did that didn't tell the other partner it was a loan, so the latter assumed it was their money -- that was a fun conversation to have a few days after the wedding). I just can't fathom doing something like this (let alone spending anywhere near that kind of my own money on a wedding), but I just never grasped the need for an extravagant wedding so I might be out of the norm here.

ianai 7y ago
That seems like a good way to get divorced within a week or weeks of marriage.
- vidanay 7y ago
  Annulment based on fraud possibly (that way you avoid assuming the debt post-marriage)
a_shane 7y ago
I feel the same way; weddings have always felt like an unnecessary extravagance. Some friends are getting married on the weekend and I was shocked to learn that they're spending close to $50,000 on the wedding, and that's after a raising over $5,000 at their social and getting financial support from both their families to pay for the event. That's like a downpayment on a house! Insanity.
- g00s3_caLL_x2 7y ago
  That's not 'like a downpayment' that is a very healthy down payment!
- ido 7y ago
  That kind of expense sounds outrageous to me. we married in the czech republic (we lived in austria at the time, now in germany - both border CZ) & I believe the bill ended up being around €5-6k which our parents on both sides wanted to split between them (we could have paid for it ourselves had they not). partially its because it's just plain cheaper there but a lot of it is just how freaking overboard some people go with weddings!
brightball 7y ago
Honestly, more than anything I want to know how you get approved for a loan for that amount without any real security behind it?
- AnIdiotOnTheNet 7y ago
  Why would you assume they didn't have any real security behind it?
  - brightball 7y ago
    Because the poster said they took out a $150,000 loan for a wedding. If they borrowed it against an asset, fine...but no bank is going to approve a loan for that amount for “a wedding”. The main point I was getting at was that the scenario isn’t likely to be a pattern among people.
    - pwinnski 7y ago
      If I took out a home equity loan in order to do X, I would say that I borrowed money for X, not that I borrowed money for X using a home equity loan. Taking out a $150,000 loan for a wedding describes the purpose of the loan, not the collateral.

by shishy 7y ago

ianai 7y ago

That seems like a good way to get divorced within a week or weeks of marriage.

vidanay 7y ago
Annulment based on fraud possibly (that way you avoid assuming the debt post-marriage)

a_shane 7y ago

I feel the same way; weddings have always felt like an unnecessary extravagance. Some friends are getting married on the weekend and I was shocked to learn that they're spending close to $50,000 on the wedding, and that's after a raising over $5,000 at their social and getting financial support from both their families to pay for the event. That's like a downpayment on a house! Insanity.

g00s3_caLL_x2 7y ago
That's not 'like a downpayment' that is a very healthy down payment!
ido 7y ago
That kind of expense sounds outrageous to me. we married in the czech republic (we lived in austria at the time, now in germany - both border CZ) & I believe the bill ended up being around €5-6k which our parents on both sides wanted to split between them (we could have paid for it ourselves had they not). partially its because it's just plain cheaper there but a lot of it is just how freaking overboard some people go with weddings!

brightball 7y ago

Honestly, more than anything I want to know how you get approved for a loan for that amount without any real security behind it?

AnIdiotOnTheNet 7y ago
Why would you assume they didn't have any real security behind it?
- brightball 7y ago
  Because the poster said they took out a $150,000 loan for a wedding. If they borrowed it against an asset, fine...but no bank is going to approve a loan for that amount for “a wedding”. The main point I was getting at was that the scenario isn’t likely to be a pattern among people.
  - pwinnski 7y ago
    If I took out a home equity loan in order to do X, I would say that I borrowed money for X, not that I borrowed money for X using a home equity loan. Taking out a $150,000 loan for a wedding describes the purpose of the loan, not the collateral.