Financing Your Wedding
and Your Married Life

For most couples, the time between getting engaged and celebrating the big day is a whirlwind filled with a myriad of details that need lots of personal attention: booking the wedding location, recruiting members of the wedding party, organizing the reception - the list goes on and on.

In all the excitement and activity, one thing that may get overlooked is discussing who is paying for everything and how it will be financed. While it is true that today's couples are more likely to look for bargains, the typical wedding costs between $20,000 and $25,000. "Most people won't be paying for their weddings entirely with cash," says Maxine Sweet of Experian, a company that provides consumers with products and resources to help them understand, manage, and protect their personal credit profiles. "Whether the bride and groom are paying for the wedding themselves, or their families are picking up the tab, chances are at least some of the wedding expenses will be put on a credit card." There may be the need to spread the expense over time, or it could simply be because of the convenience of using credit for phone orders or remote contracts.

Figuring out how to pay for the wedding gives couples an opportunity to discuss their feelings toward money in general and more specifically, how they feel about using credit. These are issues that may not have come up previously, since each individual was handling their own money. A good way for couples to start dialogue on these issues is by looking at their credit reports.

Web sites like www.Experian.com give you quick and easy access to your credit report and credit score to learn what positive and negative factors are affecting your credit. Each of you should obtain a copy of your credit report and then spend scheduled time reviewing them with your spouse-to-be.

Check pertinent information such as your name, previous and current addresses, Social Security number and account details. If you find any inconsistencies in your report, you need to report them and correct the information. Once you've covered these basics, review your partner's credit report for clues on how they deal with money and credit.

For example, if your significant other has a history of late payments, that could indicate a problem managing money or that they're overextended. Or it could simply highlight a devil-may-care attitude toward paying interest and late fees. Either way, it is important for both of you to agree on using and handling credit, because your access to new credit and to better interest rates very likely will be affected by your spouse's credit behavior and vice versa.

You'll also discover whether your partner prefers to pay credit card debt off in full each month or pay only the minimum fee. You'll want to commit to staying well below the limits to demonstrate strong credit management skills. If a large portion of your income each month is already committed to paying off other debt, future lenders may wonder if you will have trouble paying back an additional loan. You want to protect the privilege of using credit for all the benefits it brings, including monthly statements that make it easier for the two of you to monitor all your transactions every month and manage your expenses.

Before you justify using your credit cards to finance the perfect wedding, keep in mind that those pending balances could be with you for a long time. While you may not want to settle for a less expensive wedding gown, or a less exotic honeymoon trip, just remember it will be even more expensive when you tack on the interest charges that will add up before you pay it off. Have a definite plan for how and when all of it will be paid. "If at all possible, you don't want to begin your married life burdened by debt and arguing about money," says Sweet.

Taking control of your spending now will also make it easier to save for your future - new furniture, a special trip for your 10th anniversary or (gulp) college tuition for your kids. And having your credit report up-to-date and in order means that when you need to apply for a car loan or a mortgage, you'll know that your credit history is in good shape.

For more information on checking your credit report, visit www.Experian.com.