I Now Pronounce You, In Debt

282691_10150928398131137_1869860170_nA wedding should be a joyous occasion filled with love, laughter and maybe some anxiety about everything going according to plan. But when two millennials exchange vows, it comes at a much higher cost than the price tag of a wedding.

The average millennial carries an unprecedented debt burden: an average $29,400 in student loans, according to the Institute for College Access & Success.

It’s no surprise then that the Pew Research Center reports only 26 percent of the millennial generation between ages 18 and 32 got hitched in 2013 – 10 percent lower than when Generation X was in the same age range and 22 percent less than baby boomers.

If the marriage of two millennials could result in nearly $60,000 in debt from the start, what’s a newlywed couple to do?

Read on to find out how to handle being married and in debt at US News and World Report

Posted in Debt, US News' My Money Blog
3 comments on “I Now Pronounce You, In Debt
  1. Great article, but I think marriage is a thing of the past. There is literally no thing a marriage solves, that cannot be handled without other paperwork. A religious marriage is different from a legal one.

    I used to think if you had kids, marriage should be a priority, but it seems these days very few kids have the same last name as their parents anyway.

    For tax reasons, it is better to be two single entities.
    No Nonsense Landlord recently posted…Landlord Retirement ThoughtsMy Profile

  2. I wouldn’t marry if the money comes from a loan and I have debt to share with my partner who would bear and pay some of the consequences. Erin Lowry is really good. She provided almost everything I needed to know.
    Jayson @ Monster Piggy Bank recently posted…Short Term Pain for Long Term GainMy Profile

  3. One of the main reasons I wanted to pay off my loans so quickly is because I knew my fiance (then-boyfriend) didn’t have any debt. I didn’t want him to marry me and $28,000 worth of student loans. Having money conversations is always hard – even for financial bloggers. But it’s so important to hash things out, before you have kids and a mortgage and are entrenched in bad habits.
    Zina at Debt Free After Three recently posted…Is budgeting the best way to save money?My Profile

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