Brides and grooms use loans and credit cards to finance weddings

Posted 2008-05-21

Brides and grooms to be are increasingly relying on loans and credit cards to fund their big day, it has emerged.

Research from Fool.co.uk shows that one in ten people would take out a loan to pay for their nuptials or finance the full bash on their credit card, while a further three per cent of those questioned would re-mortgage or take out a second loan to cover the cost.

With the research highlighting that the average wedding costs some £4,968, people could find themselves getting into a lot of debt if they rely on such methods to finance their wedding.

“If you stick all the costs of your wedding on a credit card, you could find your big day is memorable for all the wrong reasons - because you end up paying for it for the rest of your life,” states Donna Werbner, financial expert at the money website.

“Theres no doubt weddings are becoming more expensive, but people seem to lose all sense of proportion when it comes to budgeting.”

Meanwhile, this follows news from Fool.co.uk that savers are being urged to take advantage of the high-interest savings accounts currently available.

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