Newlyweds are borrowing more than £20,000 to pay for their dream wedding, new research has revealed.
According to Kensington Financial Management Consultants, a massive £113m was borrowed during the first four months of 2009 to pay for weddings, with some couples borrowing up to £26,000 – that’s £2,000 more than the UK’s national average salary. Kensington says it takes some couples up to 16.5 years to pay their debt back, despite many marriages ending after 11.5 years.
At a time when one in three marriages ends in divorce, experts are concerned that couples are spending way more than they should on their big day.
Stuart Parkin, Managing Director of Kensington Financial Management Consultants says: 'We’re not trying to spoil couples’ perfect day, but what we are cautious of is people aspiring to the ‘footballer/WAG’ type of wedding and spending well beyond their means.'
'Weddings don’t have to break the bank. You can still have your perfect day without the designer price tag and strain of a loan. By cutting back where you can you will be glad of it down the line.'
Kensington recommends inviting guests via email, buying wedding dresses on e-bay and honeymooning at home to save money during the wedding planning.