Taking out Loans For Engagement Rings Hurts So Good...





Many take out loans for engagement rings. As you agonize over all the loan paperwork, keep this in mind: You have to painstakingly pay for the darn ring BUT ultimately it announces your eternal committment of love to the world....and it tells other dudes to back off cuz your woman is off the market for good.

When you decide the timing is right to get engaged, if your financial situation is like many couples, you unfortunately may be very tight on cash. With the average age for a man getting married at 27 and the average age for a woman at 25, many couples are just beginning their careers and don't have much in the way of disposable income and must look to buy the most affordable diamiond engagement rings, When Joel and I got engaged, we had both just completed graduate school and had each just started working at our first job. The prospect of getting a ring, paying for a wedding, and buying a home in the pricey Washington DC metro area seemed overwhelming if not impossible. We purchased a ring and also got a loan throughthe online jewelry store, Blue Nile, who had partnered with a bank to offer loans with low interest rates. Since we paid the ring off within three months, we didn't even end up paying any interest.

If you decide to splurge on the ring, you can cut costs in other areas such as with the wedding..... i.e. an elegant brunch for close family and friends versus an upscale, large evening affair.

Many jewelry stores offer loans for engagement rings. Many times, if you are able to pay the remaining balance of the ring within several months, you may not even accrue any interest.

If you are not going to pay off the remaining balance within the time constraints of particular financing plan to avoid paying interest (typically 3 months to a year), than you should shop around and consider where you can get the best interest rate as this will impact the overall cost of the ring.

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