A 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
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.
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.
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.