For Poorer, for Poorer, till Debt; PERSONAL FINANCE

The Birmingham Post (England), July 19, 2008 | Go to article overview

For Poorer, for Poorer, till Debt; PERSONAL FINANCE


It's becoming a case of "till debt us do part" as more and more couples pay for their weddings on credit.

Although weddings might be becoming less popular, those that do opt for a full ceremony and reception are prepared to ignore the worsening financial climate and go into the red to finance their big day.

Financial website Fool.co.uk estimates that one in ten people (10 per cent) would take out a personal loan to pay for a wedding or stick the whole cost of the day on a credit card.

A further three per cent say they would remortgage or take out a second loan to cover the costs.

A survey of 1,173 people also found that:

1.4 per cent of couples would spend more than pounds 30,000

One in twelve (eight per cent) would spend between pounds 15,000 and pounds 20,000 on their big day

85 per cent will use savings to finance their wedding When it comes to forking out for all the trimmings double standards are still alive and kicking. While 17 per cent of men surveyed are prepared to pay for the whole day without asking for a contribution from their partner, only five per cent of women expect to have to pay for the wedding themselves.

More than a third of people surveyed plan to split the costs or ask their family to help, and around eight times as many couples would turn to the father of the bride for the money rather than the father of the groom.

Donna Werbner at Fool.co.uk, said: "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. …

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