The Quest For The Perfect Wedding
Competitive wedding syndrome - a condition predominantly affecting engaged couples whose wedding plans become focussed on outdoing their peers and impressing their guests.
Competitive Wedding Syndrome (CWS)
CWS is causing couples to ditch the humble wedding in favour of a lavish day featuring the who’s who of designers and caterers. Celebrity weddings like that of Kim Kardashian only add to the growing epidemic, pushing average wedding costs skyward.
A quick search online will show you that the average wedding is costing couples in excess of $65,000! In some states and cities the cost of a wedding is outweighing a deposit on your first home. Ouch!
The case for CWS becomes even stronger when we go back in time. Wind back the clock to 2012/13 and the average wedding would set you back approximately $35,000. That’s an increase of $30,000 – surely we can’t blame that growth on inflation…
So how do you know if you’ve got CWS? Well, is Matt Moran personally catering? Has Carolina Herrera put Michelle Obama on hold to make the final touches on your tailored dress? There are those that will say it was totally worth it, but as more couples foot the bill with limited help from their families, the question must be asked; “how on earth are you going to pay for this?”
If your credit card is the payment method of choice, think again. In research carried out earlier this year * 11% of Australian millennials regret putting their wedding expenses on their credit card.
Credit cards are a convenient way to shop, but with interest rates of up to 20%, repaying your debt is no easy feat. It can take up to 31 years to pay off a mere $4,400 on the plastic if you just pay the minimum monthly amount.
That may just cover your photographer and MC for the day, but will cost you way more in the long run. And let’s face it, you want to live with the memories, not the debt!
A SocietyOne personal loan tailors the interest rate to your credit history. The better your credit history the lower the rate. You can borrow up to $50,000 with interest rates starting at 7.88% (9.90% p.a. comparison rate) for borrowers with an excellent credit rating.
*Lonergan Research 2017
Credit card scenario is based on an individual making the minimum repayments on a credit card debt of $4,400 with an interest rate of 18%.p.a. Sourced: MoneySmart Credit Card Calculator, October 2015.
The comparison rate is based on a Tier 1 rate $10,000 unsecured personal loan over a 3 year term. WARNING: The comparison rate is true only for the example provided and may not include all fees and charges. Different loan grades, terms, fees or loan amounts might result in a different comparison rate.
To learn more about how SocietyOne can help you pay for your dream wedding, visit our wedding loans page