The issue of getting daughters married by taking loans is not new to us. But now this trend has started in America as well. Weddings are happening here on EMI. As inflation continues to rise in America, the debt cycle is also increasing. In such a situation, couples are getting married on EMI.
Companies have opened up for this. These companies are bearing all the expenses from the bride's dress to the groom's shoot and from the band bazaar to the reception. This is a kind of wedding credit offer, which has been brought by many companies in America.
You can pay through EMI
You can pay the entire wedding payment later through EMI. Just as many companies like After Pay and Clara are offering Buy Now, Pay Later to buy clothes and household items, companies like Maru came up with Buy Now, Pay Later offers for weddings. They have tied up with vendors related to the business of marriage. Be it a photographer, videographer, hair, or makeup artist. Angela Millin, who is preparing for the wedding, said that she is feeling very relieved to pay the wedding expenses in several installments.
22 lakhs spent on an average of 15 thousand weddings
In the second survey conducted on 15 thousand weddings on Wedding Planning and Registry website, this expenditure was reported to be an average of Rs 22 lakh. At a time when people in America are finding it difficult to even pay rent. People have limited needs for the kitchen. All the small shops have closed. People leaving big cities are moving to smaller towns and outskirts. Millions of people have left America and gone to Mexico. In such a situation, it is becoming very difficult to bear the expenses of weddings.
people gave their opinion
Maru's chief marketing officer said that when it comes to funding an event like a wedding, traditional options like personal loans from banks are visible. People should have more options. On the other hand, personal finance writer Nicole Lapin said that couples getting married should be wary of such offers from companies.
Apart from these, financial podcaster Nicole Lapin told that a wedding is the most important moment in one's life, but after all, it is a party and one should not spend more than one's pocket capacity for the party.
How do wedding credit companies in the US work?
The couple preparing for the wedding first contacts the vendor. The vendor submits the bill on the company's platform. Couples can then select to pay this bill EMI of 3, 6, or 12 months. You can also select the option of the half before and half later. The company also checks the financial history of the couples. If the couple is unable to make the payment, the company asks its vendor to reduce the bill payment. After that, the relatives of the couples make the payment on whose credit the loan was given.
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