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Paying for Your Wedding: Personal Loans vs Credit Cards

Authored By: Genisys Credit Union on 5/12/2021

Young couple on their wedding day

Paying for a wedding is no small order. There are many details involved — and the entire process can be quite expensive. Many couples rely heavily on credit cards or a personal loan to get them through their weddings. But there is one choice that is almost always the better option. Here’s what you need to know about using credit cards compared to a personal loan to pay for your wedding.

Personal Loan Pros and Cons

Personal loans tend to be the better choice as a means to pay for your wedding. Most often, their interest rates are significantly lower than that of credit cards. But that’s not the only benefit to consider. 

When you open a personal loan, you are given a set amount to borrow. This aspect alone helps many couples stay within their wedding budget. But personal loans also have a set payoff date and predetermined monthly payments, which helps to avoid long-term debt from the wedding. 

Here are a few pros and cons to keep in mind when using personal loans to pay for your wedding.

Pros

Cons

The definitive budget that a personal loan provides for planning your wedding can be both a pro and a con. Financially speaking, though, it is a huge benefit that helps prevent you from getting caught up in the process and going overboard with your wedding plans – leading to debt that could follow you for years to come.

Credit Card Pros and Cons

There are a few problems that are inherent with credit cards. Whether you’re using them to plan your wedding, fund your honeymoon, or help you with your everyday shopping needs, it’s easy to get in over your head. 

The flexibility and convenience of credit cards make them a go-to choice for many wedding planners. However, you want to make sure you do not spend your first few years as a married couple under the shadow of significant credit card debt.

Here are a few of the pros and cons of using credit cards to pay for your wedding.

Pros

Cons

As you can see, there are some pretty substantial considerations to keep in mind when it comes to using credit cards to pay for your wedding. It’s important to carefully compare these to the benefits of a personal loan before making your decision.  

We’re Here to Help!

There are few moments in life more exciting than your wedding day. As your credit union, we want you to have the wedding of your dreams. To that end, we offer a wide range of products to help, including personal loans, savings accounts, automatic transfers to savings, and credit cards. Call your local branch today to get the assistance you need to create the fairy tale wedding of your dreams.


 

© Genisys Credit Union and www.genisyscu.org, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.  Excerpts and links may be used, provided that full and clear credit is given to Genisys Credit Union and www.genisyscu.org with appropriate and specific direction to the original content.



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