Written by: Jon McDonald
Edited by: Ashley Fricker
Reviewed by: Andrew Allen
In a significant blow to the wedding industry, recent research conducted by BadCredit.org reveals that an estimated 580,862 couples will not be tying the knot this year due to poor credit. We surveyed more than 3,000 couples and discovered that many couples say they have been forced to postpone or cancel their wedding plans entirely due to financial constraints, particularly those stemming from inadequate credit scores.
Personal loans have traditionally been a popular method to finance weddings. However, couples with subprime credit often find themselves ineligible for such borrowing opportunities. Even those who aren’t reliant on loans grapple with other financial hardships that make the costs associated with weddings difficult to manage.
With inflation and mounting costs adding to the pressures, many couples are reconsidering their options.
Map Shows The Number of Weddings Impacted by State
The study also unveiled significant regional disparities. For example, in Delaware, an estimated 4,444 weddings will not take place due to financial barriers. While this figure is lower than in many other states due to Delaware’s smaller population, couples here are the most disproportionately affected by financial constraints compared to other regions.
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On the other hand, couples in Arkansas appear to rely less on credit to fund their weddings and are less affected by poor credit overall. However, the state is still projected to see 2,132 fewer weddings this season, according to the survey.
Couples Remain Hopeful
Despite these challenges, many couples remain optimistic about the future. Among the survey respondents who said they had to postpone their nuptials this year, 61% said they hoped to get married in 2025, and 29% said they intend to wed within the next three years.
Encouragingly, 40% of couples surveyed said the postponement had strengthened their relationships. However, 28% admitted that delays led to tensions, and 7% even reconsidered their relationships due to the financial strain.
When asked to choose between a lavish wedding with significant debt and a modest ceremony with financial stability, 88% opted for a modest wedding, preferring not to carry more debt into their married lives.
Nevertheless, some respondents revealed they would go to extreme lengths to fund their wedding: 54% of respondents would consider slashing essential expenses such as food and rent, 23% indicated they would sell personal or family heirlooms, and a less financially cautious 22% said they would take out a high-interest loan.
“If you do want to borrow for the event, take a look at your credit report together. Identify the areas that need help. If you see late payments, especially those made over the last year or so, start sending them in on time now,” says BadCredit.org Financial Expert Erica Sandberg.
“The sooner you have a steady stream of on-time payments listed on your report, the faster your credit will be repaired. For debt that is too close to your credit limits, you can broaden your credit utilization ratio by paying balances down, asking the credit issuer for a higher limit, or transferring the amount you owe to a loan,” she continued.
Despite the burdens that financial challenges can place on a relationship, love prevails for many couples in the survey. Nearly half (47%) of those who previously financed their weddings on borrowed money said they had no regrets in doing so.
“Remember, you can have a civil ceremony today and then plan for a big party when you are in a better financial position. Be flexible and work together!” Sandberg said.
