Young Americans, already holding record levels of debt, are increasingly taking out loans to pay for their weddings, Abha Bhattarai writes in the Washington Post.
The big picture: A majority of 18- to 37-year-olds don't know when — or if — they will ever pay down their debt, and nearly 20% of those with debt said they expect to die before they are able to pay it off.
Where it stands: "Online lenders say they are issuing up to four times as many 'wedding loans' as they did a year ago," the Post reports — and average American wedding costs are rising. Wedding loan ads are spiking on social media and financial planning sites.
- Loans are frequently marketed "as a way to fund extras like custom calligraphy, doughnut displays and 'Instagram-worthy' venues."
The bottom line: "Credit cards and family members have funded weddings for years," per the Post, but "financial advisers say these types of online loans take lending a step further, by directly targeting 20- and 30-somethings on their computers."