As inflation rises in America, companies start arranging weddings in
installments, from wedding gowns to makeup costs as well as EMIs!
Debt marriage of children is not a new thing in our country but now
this trend has started in America too. There are weddings. Couples are getting
married on EMI as inflation rises in America. Companies have sprung up to cover
everything from wedding gowns to bridal shoots, band-wagons to receptions.
This is a type of wedding credit offer that many companies in America
have brought. You can pay the entire marriage in subsequent installments. Just
as companies like After Pay and Clara offer 'Buy Now, Pay Later' for buying
clothes, home goods, companies like Maru have come up with 'Buy Now, Pay Later'
offers for weddings.
They have contracts with wedding photographers-videographers,
hair-make-up artists, caterers, etc. Angela Millin, who is preparing for the
wedding, says she is relieved to have to pay the wedding expenses in
installments. A survey of 15,000 couples conducted by the wedding planning-registry website found that
the average spend was Rs. 22 lakhs. told
At a time when people in America are having a hard time paying rent, people have limited their kitchen needs, all the small shops have closed, people are leaving big cities for small towns and suburbs, millions of people are leaving America for Mexico.
It has become very difficult to afford the
wedding expenses. Maru's chief marketing officer said that when it comes to
funding an event like a wedding, traditional options like personal loans from
banks come to mind.
People should have other options. Personal finance author Nicole Lapin
says couples getting married should be wary of such offers from companies. A
wedding is an important moment in one's life but ultimately it is a party and a
party should not cost more than your pocket.
How do wedding credit companies work in America?
A couple planning to get married first approaches the vendor. The vendor submits the bill on the company's platform. The couple can then pay the bill through 3, 6 or 12 month EMIs. There is also an option to pay half before marriage and half after marriage.
The company also checks couples' financial history. If the couple can't make the payment, the company asks its vendor to reduce the bill payment. Thereafter, the relatives of the couple on whose credit the loan has been granted will have to make the payment.
