Being in debt can cause a variety of emotional and psychological issues, those who are struggling with high debt loads have reported feeling depressed, irritable, unable to lack focus, and more.
Researchers have previously asserted that for those who are struggling with the stress of trying to make ends meet, say having to come up with their housing payments for example, that their distress is akin to going through the loss of a job or a divorce.
But there are many things that we are willing to go into debt for, such as a house, car, education, or healthcare costs. Millions of Americans today are living from one paycheck to another and that is a similar story for millions more worldwide, a great deal of people are struggling with a myriad of debts be it consumer debt, their mortgage payment, student loan, or other. Some of that debt might be referred to as 'good debt,' such as your house or your education, because it is seen as an investment; that's if you end-up getting your monies worth in the long-run however.
One thing that many Americans are still surprising willing to go into debt for today is their wedding.
This has prompted many engaged couples to turn to crowdfunding solutions over the years to try and have their big day funded by others. Some have even gone far enough as to ask their guests to directly pay for their meals.
A recent survey found that roughly 60 percent of Americans would be willing to dig themselves deeper into debt for their wedding day and would you be surprised to discover that the men were found to be more willing than the women to approve of the big spending and dig further into the pit of debt.
The financial website Comet is the one behind the survey that found many people today wouldn't have an issue with loading themselves up with debt to celebrate a single day.
At a time when couples should be mindful about their spending, when they are looking to embark on a new journey together that involves financial confidence, should we be surprised that there are still so many out there who are willing to take on thousands of dollars of debt to celebrate their wedding day?
Right now, it's estimated that 1 in 4 Americans wouldn't be able to handle an unexpected $400 financial emergency, yet many are reportedly more than ready to bask in debt over a wedding celebration. I guess for those who are doing the spending at the time, they don't feel like they are making a foolish decision. But who knows, maybe a few weeks later, months, or even years, they might look back and regret the financial decision that they made to take on the debt for that day.
There have been various reports that have come out where people have admitted that they regretted spending so much on their wedding day, some who spent $50k or more on the event. The average cost of a wedding today in the United States is reportedly somewhere around $35k.
Pics:
pixabay
