A quarter of couples take out credit for their dream wedding
30/04/2015
Almost a quarter of couples planning to get married will take out loans or use credit card to fund their big day, research from Debt Advisory Centre has shown.
Couples end up borrowing £3,800 on average and almost half of those who took out credit end up regretting their decision. A third of couples are still repaying there debts six years later. Borrowing money for a wedding has the potential to damage a relationship at the very beginning, as debt is one of the leading causes of relationship problems.
Younger couples are more likely to borrow money for their dream wedding, with 65% of 18 to 25 year olds using credit. They are also the age group borrowing the most, with 15% of them taking out over £5,000. The amount that people borrow also varies dramatically across different regions. Couples from the South East borrowed the least, with an average debt of £1,600, while couples in the West Midlands shell out as much as £7,100 on average.
Melanie Taylor, a spokeswoman for Debt Advisory Centre, said:
“As the culture of glamorous celebrity weddings has grown, it’s easy to see why couples feel under pressure to recreate the lavish events they see in magazines. While celebrities can afford to spend enormous amounts on their dream weddings, for most people this kind of luxury is out of reach and it’s not advisable to get into debt to meet these aspirations.
“Getting married is about making a lifetime commitment, not just one day of extravagance.
“A wedding might seem like the most important day of your life, but nothing is more important than your long term happiness and security, so keep this in mind and plan for your marriage, rather than your wedding day.”
If you are planning a wedding, check out our blog on wedding money saving tips here
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