30th April 2015
Almost a quarter of couples are borrowing cash in order to fund their dream wedding leaving many with a major financial hangover.
The pressure to have a dream wedding or civil partnership is coming at a high cost for many as research from the Debt Advisory Centre shows 23% of couples need to take out a loan to pay for their big day.
On average, newlyweds have to pay back £3,800 and almost half, at 47%, of those who took out credit say that they wish they had either borrowed less or not borrowed at all.
Figures show that the financial problems as a result of splashing out for a dream wedding can last well into marital life, as almost a third, at 29% of couples are still repaying their debts six years after they said “I do”.
The survey found that men were more likely to regret taking out the money, as 52%, compared with just 40% of women.
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.”
The research also revealed that younger couples are most likely to borrow for their 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 can end up with as much as £7,100 hanging over them.
Taylor added: “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.”