21st August 2013
Some 5 million people who put themselves in debt for their wedding now wish they never had, writes Philip Scott.
New research from charity, the Debt Advisory Centre shows that nowadays ‘something borrowed’ often refers to money as some 17 per cent of married couples, at 5 million people, say they took out credit to help pay for their wedding. The research found that most couples, at 69 per cent, borrowed under £5,000, but 10 per cent borrowed over £10,000.
But couples thinking of getting into debt to fund their wedding need to think carefully as 34 per cent of people who borrowed are still repaying what they owe, with 18 per cent wishing they had not borrowed anything.
The older you are, the less likely you are to borrow to pay for your wedding as 41 per cent of younger couples, aged between 25 and 34, are more likely to borrow to fund their big day. But this falls to 28 per cent of people aged 35 to 44, 13 per cent of 45-54 year olds, and just 6 per cent of those aged 55 to 64.
Those who are determined to borrow should carefully calculate how much they need, as 28 per cent wish they had borrowed less, and nearly half of couples who borrowed for their wedding, 46 per cent regret their decision to some extent.
Ian Williams of the Debt Advisory Centre said: “With recent figures suggesting that the average wedding costs around £20,000, it is unsurprising that many couples are borrowing to fund their special day.
“Debt is never something to be taken lightly, though. Ensure that your repayments will fit comfortably in your married life, especially if you’re planning on buying a new home or starting a family. And remember that internet is full of sites and blogs that could help you plan your dream wedding for a bit less.”