Weddings are already a huge financial burden on couples and families, but the coronavirus pandemic has added to the frustration for couples who planned to marry this year.
Hundreds of thousands of couples are paying back loans for weddings that haven’t even happened yet, according to a new report.
Last week, online lending platform Loanry reported that 225,000 couples who have postponed their weddings are collectively paying back $3.7 billion in loans they took out to finance those celebrations.
That’s an average of $16,500 per couple.
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“This last year will have been devastating for many couples,” Loanry’s founder Ethan Taub said in the report. “Especially for the percentage paying off loans for weddings that haven’t happened.”
“However, we can take a positive from this situation. It may have highlighted that an exuberant wedding isn’t always the best option,” Taub added. “The occasion will be memorable no matter how much you spend on it.”
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For its report, Loanry used data that shows approximately how many weddings happen every year, how many weddings have been postponed this year, how many personal loans are taken out to pay for weddings and the average wedding cost.
The platform reported that an average of 2 million weddings happen every year in the U.S. — with the majority of those weddings happening between March and October.
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According to data from The Knot published in May, 93% of couples in the U.S. decided to postpone their wedding celebrations.
Of the entire 20 million personal loans taken out in the U.S. last year, 1.5% were specifically to help couples pay for weddings, Loanry reported.
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The lending platform had previously found that couples take an average of $16,500 in loans for their weddings, which is just under half of the average wedding cost of $33,900, according to February data from The Knot.
“You should take financing a wedding using a loan very seriously, and we don’t recommend it,” Taub said. “In fact, finding ways to cut costs on your wedding expenses is a far more effective alternative. In this way, you can avoid unnecessary debt yet still enjoy your big day.”
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