Do People Go into Debt for Wedding Rings?
June 18th, 2008
My out-of-town friend this weekend, in passing, was telling me about her future diamond. “I don’t care if he has to go into debt for it,” she said. “It better be big!”
I laughed, and told her that she better be joking. She was joking, right? She just laughed.
This is something I’ve never even heard in passing, the idea of taking out a loan to pay for an engagement ring. I guess anything’s possible, especially in debt-filled America, but seriously: Do people actually go into debt for wedding rings? Do you know anyone who did?
Filed under budgeting, questions, relationships |
12 Responses to “Do People Go into Debt for Wedding Rings?”
Leave a Reply
The fact that someone would go into debt for a ring wouldn’t really surprise me. I mean, they go in debt for big screen TV’s don’t they? lol. What does surprise me is that the need for a “big diamond” is so strong that people would encourage the debt. [shrugs]
I often feel like an alien when it comes to this. Everyone’s dying for a huge diamond…I’m not (I’ll admit that I used to want one though). I’d rather get an engagement ring with my birthstone than a diamond 1/4 of the size (and 4 times the price) if it means that my fiance won’t have to go into debt. What’s so special about a diamond anyway? (Other than the fact that they’ll match with any color outfit
)
I don’t know anyone specifically (never asked!), but the idea seems fairly normal. Diamond commercials advertise financing. People probably put them on credit cards as well. Really, I am not at all surprised.
I’m not really overly surprised. I don’t think I know anyone who has gone into debt for the ring, but I don’t know a lot of men…and my friends have never mentioned how expensive their rings were.
My ring was around $700. It has diamonds in it, but it’s simple…actually what a lot of people are using for wedding bands. I’m not into going into debt for something like a ring (or a wedding for that matter). I/we don’t have a lot of money and lead a fairly simple life, why would I need a huge rock on my finger? It doesn’t fit my personality.
I agree with QL girl about other gems. Some of them are quite pretty…and it seems more unique then a diamond. When my friends and acquaintances started getting engaged, everyone’s rings sort of looked the same to me (to a certain extent).
My friends step mother asked for a big ring when she married his father… and when he presented a ring that wasn’t big enough the first time she put her own money towards a bigger one. They didn’t go into debt but I thought it was a little sick.
“3 months salary” is the guidline… ugh. I’d me really upset if my Ry went into debt for my ring!
THREE MONTHS’ SALARY!? What in the world!
My old boss bragged that he spent $14K on his then-girlfriend’s ring. They broke up, and it sat in a safety deposit box. I wonder if the three-month thing is why he spent so much?
I can’t imagine wearing/owning something worth so much because I’d be so scared to damage or lose it! I guess you’d have to have insurance.
That three month salary idea is something the evil diamond industry (as opposed to the good diamond industry) sells the gullible public. Like it sells the “just for me” ring for single women and the “Tell her you’d marry her again” junk they sell at every holiday.
I’ve always figured if I were getting married and the mr. proposed to spend 3 months salary on a ring, and he really wanted the symbol of buying something big and “forever” to commemorate our union, I’d suggest he let me put up the same amount and that we use the money to shop for a piece of land together in the place we’d like to live out our days.
Preach it, FGS! I quite agree!
OK, I’ll admit it. We *kind of* did this. I don’t remember exactly, but my husband might have put part of my engagement ring on his credit card. It was about $2000 or so, I think?… My wedding band was about $750 I think, and we were on a payment plan. I guess like lay-a-way for jewelry! I wouldn’t do that now, but at the time it didn’t seem so bad.
Yeah this is really common. In oz we have companies that specialise in providing finance for this sort of thing, and the best option is an interest-free payment plan offered.
I used to work in a jewelery store and before I met my husband, I used to say “I’m having THIS ring and if the guy that wants to marry me can’t afford it then he’s not worth having!” It was worth about $20K AUD. Of course once the possibility of getting a ring was on the horizon I realised that mindset was completely ridiculous since we were starting a LIFE together.
I ended up with a beautiful ring that I love, and it doesn’t matter how much it cost.
Yes, I’d say it’s pretty common. My old college roommate proposed to his wife during our last year of school. I know he put the ring on a credit card, although I’m not sure how much it was. He did pay it off before we graduated though, because I remember his huge sigh of relief when it was finally all paid off.
It’s funny that it’s the ‘three month salary’ rule in the US, here in the UK I think it’s more common to only spend 1 month’s salary. My fiance didn’t go into debt when he bought my ring, and i would have been horrified if he did. It’s about starting a life together, and I don’t want that life to begin in debt!
We spent a total of $700 on my engagement ring and our 2 wedding bands, and we picked them all out together. I’m so grateful that we didn’t spend more.