How to Achieve Debt Reduction After Too Many WeddingsAug 29, 2017
Are you struggling with debt reduction after a summer full of weddings to attend? You’re not the only one and it’s likely you may not even be the bride or the groom. That’s right – although, according to a recent survey, the cost of a wedding in Canada may actually be on the decline, another survey shows that the costs for members of the wedding party may actually be increasing.
If you feel a little overwhelmed by the amount you spent as a wedding guest this summer, the best plan of attack is to deal with that debt right away. The sooner you pay off your debt, the less money you’ll have to pay in interest.
Here are a few debt reduction tips for bridesmaids and groomsmen struggling with wedding-related debt:
Know how much wedding debt you actually carry
The first step to dealing with wedding-related debt is to understand exactly where you stand and how much debt you owe. A debt calculator can help make this an easy task. Using a debt calculator can not only help you understand how much you actually owe, it can also help you determine how much interest you will pay and how long it will take you to repay this debt.
Understand your options for reducing wedding guest debt
Debt reduction requires a plan, and in order to create the best possible plan, you need to understand your debt options. For example, if most of your debt is on credit cards, you may be able to consolidate your debt in order to pay it off more quickly and save money in interest. If you’re not sure if this is right for you, a debt options calculator can help you compare your options and understand them better.
Stay motivated and stick to your post-wedding debt reduction plan
Once you have your debt reduction plan in place, it’s important to stick to it. This is sometimes easier said than done. As we all know, life happens and it can be tempting to veer off track. Connecting with others who are experiencing the same problems can help you stay motivated by providing support and encouragement to stick to your debt reduction goals.
Need more motivation to stick to your debt reduction goals? Read this success story from personal finance blogger Krystal Yee
Do you feel the need to reduce your debt after a summer full of weddings? Join the conversation and share your thoughts! #DebtSolutions #summerofweddings