With the Royal Wedding just around the corner, many couples will be looking at the lavish celebration for ideas for their own weddings. But dreams of a 'fairy tale' wedding are landing us in debt.
A large percentage are taking out loans to finance lavish weddings. Couples can borrow on average £26,000 to fund their weddings, which can take up to 16 years to pay off. Unfortunately, with the average marriage lasting only 11.5 years, this is certainly a worrying statistic.
The increasing unemployment rate and threat of poor credit ratings have done little to slow down the rise in footballer-type weddings.
The cost of an average wedding is the same as a family car, but some believe that we can have the ‘perfect’ wedding for less.
Beverley Budsworth, Managing Director of The Business Debt Advisor, said: “The glossy magazines lead us to believe we can have it all – a fairytale wedding, designer home and a lifestyle to match. In reality we end up with unmanageable debt. We do seem to throw caution to the wind when it comes to weddings. The average cost of a wedding is (according to Wedding Guide UK) £11,000, and that includes a wedding dress for £700 only. It soon mounts up and quite often the costs overrun by 15 to 20 per cent which can be a further £1,650 to £2,200.
“It is essential that you stick to a sensible budget that you can afford. You really don’t want to wake up to a debt hangover as a result of your wedding which can and does often break up that fairy tale partnership because of the pressure that debt brings.”
If you are struggling with debt and want help to get out of it then please call us now on 0800 988 7701 and we'll do our best to help you.
