We have $5,000.00 in credit card debt with a wedding coming up. How should we manage our debt?
We have $ 5,000 in total credit card debt on two different credit cards. We have been saving money on the side for the wedding and have a total of close to $ 6,000 in the bank. Should we pay off the credit cards with that money and then apply whatever our wedding costs (to compensate the 5,000 we would take out of the bank) on one or two credit cards with 0.0% apr for a year or so? I can provide more info if needed but I am trying to find a plan that my fiancée and I can agree on so I will need details on why a certain plan of action is better. Hope you guys can help!!
Okay I need to add some details. I am not worried about having a “big” wedding. We have already booked and paid deposits on everything for the wedding, which is in November. Our parents are helping us out, so my question has nothing to do with the wedding but how we should juggle the debt, if it is smart to pay it off (save from paying interest) or have money in the bank for the wedding. So I am looking for ideas on how to manage the debt not keep from getting into it.
Again, the wedding is in stone and we have to have the ceremony and reception. Our families are very large and we have been dating for 7 years. It is a time for celebration which in my opinion is being civilized. Please just read my question and answer if it is better to keep the credit card debt and pay off the wedding with cash or pay off the credit cards and pay off the wedding with credit cards that have no interest for a year or lower APR than the credit cards we have now.