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College Debt and Your Wedding In Hawaii

I am anti-debt, and I think you are too.  I know what you’re probably thinking.  Steven doesn’t know about debt.   Well….that’s wrong.  Back in my mid-twenties, I had so much debt racked up from investments gone bad, horrible business partnerships, and flat out stupid decisions, I had to file for bankruptcy to start all over.   If this topic scares you, that’s a good thing.  Debt is serious.  It “should” terrify you because it can weigh you down, control your happiness, affect future plans, and possibly even ruin relationships.

The reason why I’m bringing this topic to the forefront is because the vast majority of my younger clients are draped in college debt.

If you don’t know anything about college debt, I’ll give you a brief overview.  On average, statistically, students will graduate $37,000 in the hole.  The real figure is much higher.  Their interest rates are horribly high and compounded in most cases.  It doesn’t stop there.  Some student loans compound and accumulate interest while they were still in school.   That means a 20k loan may be 30k when they graduate!   After graduation, many are then pressured to defer their loans, by their lenders, because their job didn’t pay them enough.  THAT’S A SCAM! Five years later, the amount they owed sometimes doubled or even tripled!   So, that 20k that they originally borrowed is now close to 100k.  Can they start over like how I did?  They can’t!  Student loans are not forgivable through bankruptcy.   Even scarier, these student loans can follow their next of kin – yes, after the borrower has passed.

That’s some heavy weight on our next generation.

So what does a couple who’s draped in student loans do when it comes to marriage?

  1. DON’T GO MORE INTO DEBT GETTING MARRIED 
    1. PERSONAL LOANS DISGUISED AS WEDDING LOANS – These are handed out by banks and advertised heavily.  Pass on the offer, even if you are pre-approved
    2. DO NOT REFINANCE YOUR HOME – Yes, the interest rates would be much lower, but debt is debt.   Don’t do it!
    3. DO NOT USE YOUR CREDIT CARDS LIKE LOANS – It’s always best to pay off your credit cards in full or as soon as possible.  The interest on there is outrageous and it compounds.
  2. THINK SMALL
    1. AVERAGE COST OF A BIG WEDDING is around $40,000.  Hey, that’s almost the same as a college loan!  Except for one big difference.  With a gala wedding, you would be spending 40k in a day, not over 4 or 5 years.  Also, with gala weddings, most of that bill comes down to the reception.  Yes, couples pay for everyone to eat.
    2. ELOPING OR A SMALL WEDDING can cost as little as $175.00 if you’re only booking the minister.   The Patriot Package from my company is only $612.50, around the same cost as monthly college debt payment for some.   That’s a big difference than 40k!
    3. YOU DON’T NEED TO COME TO HAWAII TO TIE THE KNOT – Whoa, are you surprised I said that?   Yup.  Now know you know I’m being real.  If you can’t afford the room, flight, and hotel, don’t come here.   Elope at home, do something small, focus on paying off that college debt because that will give you life long happiness.

Debt sucks but it doesn’t have to shackle you forever.  Don’t make your wedding become a ball and chain on your financial freedom.   If you save, live on the cheap, combine incomes, even live at home for a bit, that college debt can be wiped out real fast (we’re talking a couple of years versus twenty!)

Moral of the story?

If you can’t afford to come to Hawaii to get married – don’t do it.   Don’t call me.  Don’t email me.    Do something in your town, get married in a courthouse or get creative.  The idea is to get cheap.  You don’t need to spend money to be united with the one you love.  I think Adam and Eve did it for free.

Now, if you can afford it – then and only then, may you contact me.

 

me College Debt and Your Wedding In Hawaii
I pretty much do everything around here, from photography and video production, to the organization of all of my weddings. As you can see, I'm also the head writer too! If for some reason you can't reach me at my direct line, or my toll free number, feel free to hit me up on my company cell at (808) 479-0685. Call anytime...well, almost anytime. Don't call on Super Bowl Sunday or when the Philadelphia Eagles are playing!

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