According to online lenders including Prosper, Upstart, and Earnest, the number of wedding-related loans has quadrupled in the last year. On average, couples are borrowing $16,000 at interest rates ranging from 7-18%.
Recent shifts in behavior may have caused this wedding financing conundrum. For example, Americans are getting married later in life than ever before. By the time millennials settle down, their parents are nearing retirement age. The expectation of who pays for a wedding is shifting from the father of the bride to the couple itself.
Wedding Planning Sites
Brides are also turning to the assistance of wedding planning websites and apps like The Knot and Pinterest. These websites have not only launched the popularity of new, more expensive wedding trends, they are also known to advertise wedding loans from companies like Upstart and Prosper.
For more information contact your Yuba City bankruptcy attorney at (530) 797-4402.
Categorized in: Debt