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People are taking on debt to attend weddings

A recent survey found 40% of Americans who've attended a wedding in the past five years have taken on debt to attend.

INDIANAPOLIS — It is a promise usually followed by a party.

Weddings are fun to attend, but it is no secret that they can cost a pretty penny.

Expenses can include a hotel room, flights, additional transportation and a gift for the couple.

All of these costs add up.

A LendingTree survey found that "of the 69% of Americans who’ve attended a wedding in the past five years, 40% have taken on debt to witness someone tie the knot." 

If the person is in the bridal party, it jumps to 62%.

Matt Schulz, with LendingTree, said that before you commit to a commitment, look at your own expenses.

"As much as we love our friends and family, you don't necessarily want to go into a ton of debt to be able to attend," Schulz said. "It's a good idea to look at your budget, get a feel for how much you're willing to spend."

If your funds are limited, ask the couple what is important to them.

"Maybe say, 'I'll go to your wedding. I would love to go to the bachelorette party, but I just can't afford it,'" Schulz suggested.

Then, chip away at the costs you are willing to take on.

That can include using credit card points and talking with others about splitting costs.

"Like your parents used to say, right? If they are your real friends, they're going to want what's best for you," Schulz said.

Right now, it is also expensive to carry credit card debt.

The average interest rate is now more than 20%.

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