ME Bank reveals 51% of married couples have the same wedding regret
ME’s recent Love and Money Survey found that a whopping 51% of married couples regret how much they spent on their wedding, with the top three regretted expenses being, the reception (17%), photography/videography (13%) and wedding favours for guests (13%).
According to ME money expert Matthew Read, “decisions are commonly made with the heart rather than the head when it comes to weddings. Couples can easily get caught up in the moment, failing to consider the financial impact of their decisions.”
Considering that just 55% of couples set a wedding budget, and of those who did, 32% exceeded it, we can see that when it comes to weddings, it clearly pays more to follow your head, not your heart.
ME’s survey also revealed that the average cost of a wedding is $21,159! So, it’s really no surprise that 19% of couples surveyed admitted to borrowing money to fund their big day.
Kiss wedding debt goodbye
If you took out a personal loan to pay for your wedding like loads of other Aussies, and you’re now stuck in a jam trying to keep up with expensive loan or credit card repayments, a great way to cut down personal loan repayments and pay debt off faster is to refinance to a debt consolidation loan.
By combining all debt into the one debt consolidation loan, it’ll be much easier to manage repayments as all your debt will be in the one place. On top of this, you’ll end up saving a tonne in interest as you’ll have only one interest rate for the lot, rather than one for each debt.
Scenario:
Let’s say you have the following debt:
- $20,000 personal loan with a 12% interest rate used to pay for your wedding
- $5,000 credit card balance with a 20% interest rate
This would work out to be $850 in monthly repayments over 3 years, totalling $5,603 interest. However, if you combined the two debts into one debt consolidation loan with an 8% interest rate, your monthly loan repayments would drop to $783 and you’d only pay $3,203 in interest over 3 years, saving $2,400 in interest.
Compare debt consolidation loans - last updated November 26, 2020
Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
- NOW Finance
6.95% p.a.to 17.95% p.a.
6.95% p.a.to 17.95% p.a.based on $30,000
over 5 yearsTerms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 6.95% would cost $35,599.71 including fees.
CompareDetailsNOW FinanceUnsecured Personal Loan
Fixed, $5,000 - $40,000
6.95% p.a.to 17.95% p.a.
6.95% p.a.to 17.95% p.a.based on $30,000
over 5 yearsTerms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 6.95% would cost $35,599.71 including fees.
Pay ZERO fees on loans up to $40,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee – just in time for Christmas. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Go to siteCompare - OurMoneyMarket
6.75% p.a.to 8.48% p.a.
6.96% p.a.to 8.69% p.a.based on $30,000
over 5 yearsTerms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,580.23 including fees.
CompareDetailsOurMoneyMarketLow Rate Personal Loan (Fixed, Unsecured)
Excellent Credit
6.75% p.a.to 8.48% p.a.
6.96% p.a.to 8.69% p.a.based on $30,000
over 5 yearsTerms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,580.23 including fees.
OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Go to siteCompare - Alex
6.95% p.a.to 19.99% p.a.
6.95% p.a.to 19.99% p.a.based on $30,000
over 5 yearsTerms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.95% would cost $35,599.71 including fees.
CompareDetailsAlexPersonal Loan
Unsecured, Fixed
6.95% p.a.to 19.99% p.a.
6.95% p.a.to 19.99% p.a.based on $30,000
over 5 yearsTerms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.95% would cost $35,599.71 including fees.
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
Go to siteCompare - Liberty
6.45% p.a.to 26.99% p.a.
6.45% p.a.to 26.99% p.a.based on $30,000
over 5 yearsTerms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 6.45% would cost $35,176.93 including fees.
CompareDetailsLibertyPersonal Loan
Fixed, Unsecured
6.45% p.a.to 26.99% p.a.
6.45% p.a.to 26.99% p.a.based on $30,000
over 5 yearsTerms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 6.45% would cost $35,176.93 including fees.
Enjoy competitive fixed rates from as low as 6.45% for borrowers with good credit. No ongoing, exit or early repayment fees, plus the flexibility to make extra repayments. Borrow from $5,000 to $50,000. Apply online and get a fast response.
Go to siteCompare
Planning a wedding? Well, be sure to stop by the weddings hub for more juicy wedding tips, like the 5 money-saving secrets wedding planners don’t want you to know! And don’t forget to check out our debt consolidation comparison tool to find a competitive refinance loan deal.
^See information about the Mozo Experts Choice Personal Loans Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
