A Baltimore bankruptcy, divorce and personal injury attorney with more than 18 years of experience.

Could wedding costs lead to struggles with debt?

On Behalf of | May 31, 2022 | Bankruptcy

There may be many individuals who dream of having a big wedding and as they might feel this will be a once-in-a-lifetime experience, they might not always worry about the costs. However, even a one-time event could prompt dire financial repercussions and struggles with debt could act to place significant strain on a marriage. Debts stemming from a wedding may also lead to additional financial challenges and individuals in Maryland who face similar concerns may be left in search of advice on their available options for relief.

Wedding debt

According to recent studies, as much as 45% of married couples struggle with debt stemming from costs of their weddings. Studies also indicate that these couples only end up paying roughly half of the costs, with families picking up the rest. Reports indicate half of these couples also struggle to stick to their initial budgets and end up overspending on their weddings.

While the financial challenges of wedding debt can be difficult enough as is, studies indicate that this aspect might not be the only issue involved. Arguments over financial struggles continue to create a rift in many relationships and couples who start out in debt may experience such conflict early in marriage. While finding ways to reduce wedding costs may help mitigate various risks, this might not always be an option in every situation.

Dealing with debt

Struggles with debt can arise under numerous scenarios and could place a significant strain on various aspects of one’s life. Individuals in Maryland who experience financial strain and wish to know more about their available options for relief might consider speaking with a bankruptcy attorney for advice on the next steps to take. An attorney can help a client evaluate all his or her options and help prepare to protect his or her future interests by pursuing much needed relief through the proper outlets.