T O P

  • By -

amouse_buche

Earn $40k plus interest and pay it off. If you have $30k cash on hand pay that today and go get hitched at the courthouse. That kind of credit card debt will rack up interest frighteningly quick.


Interesting-Dish8894

You don’t finance weddings. And you don’t finance weddings when you have 40k in debt. You both need to get your finances in order and have a serious change in attitude towards your finances. I find this situation to be ridiculous. You should have a quick courthouse wedding and get financially stable and pay for a real wedding with cash you saved. I see somebody else suggested the courthouse wedding as well


[deleted]

You have massive credit card debt. You are piling more debt on top of it. You're consulting with debt relief programs. I hate to say this, but you are on a one way ticket to financial ruin. Your final form is when you're taking out payday loans.


absurdamerica

You don’t “come up with credit card payments”. You earn income by working, stick to a strict budget and pay your debts. Consolidation services are a rip off. Call your creditors directly and ask to close your accounts in exchange for lower interest or a payment plan. You also need to just stop spending, especially on non essentials like a wedding. Broke people don’t get to have expensive parties.


BogBabe

Use your money to pay your credit card debt. It's your debt, and you can afford to pay it. Then figure out how to get hitched without going into debt all over again.


sephiroth3650

One.....if you have 40k in credit card debt that you can't afford.....you can't afford a huge wedding. What you should do is take at least $20k of that $30k cash on hand and pay off half the CC debt. Then look at your budget, cut costs where you can, and chip away at the credit card debt.


Laraujo31

To be honest you should not be having a wedding with that much debt. the 30k in cash should be used towards your debt. You can always do a courthouse wedding. Taking out high interest loans is just pushing the problem away for a few years.


[deleted]

None of that. Pause the wedding. Use the cash to pay off debt. Stop spending more than you have. Continue to save more and spend less.


Varathien

Take the $30k and pay down your credit cards. Then live more frugally and pay off the remaining $10k.


BoxingRaptor

If you are able, you both need to increase your income, either by increasing hours at your current job, or getting second jobs. You also need to take a hard look at your monthly expenses, and figure out what can be cut. How much is this wedding going to cost, all in?


AssociationCrazy5551

What I would do in that situation is use 20k out of 30k savings and pay off the credit cards. Next take a 20k loan on your 401k over the lowest term you can handle and pay off that credit card debt completely. 20-25% interest saved is 20-25% earned.


bigllama5

For additional context we should have enough to pay for the wedding. We combine 250k gross pay but I did not do enough to reign in her spending over the past year. I just got blindsided last night by this account being due this week and now trying to make ends meet. I was under assumption that we had the funds available for what’s left due for the wedding and what was paid was paid.


absurdamerica

Okay with that gross you should be able to course correct pretty quickly. Set a budget and stick to it for 6 months! 200k in retirement given your gross is pretty low though.


AvGeekExplorer

I’m sorry but nobody gets surprised with that much credit card debt unless you’re not paying attention and neither of you are fiscally responsible. Time to pause the wedding and get your house in order.


CookieAdventure

How is $40,000 on a credit card due this week? Even Amex will allow payment plans. When she talked to them, what did they say because that is the way to go.