One in eight newly-weds in £3,000 debt

One in eight newly-weds are starting their married life saddled with more than £3,000 in debt, as the cost of creating their perfect day climbs to an average of £18,244.

The figures from a study conducted by Sheilas’ Wheels has revealed that wedding costs such as the honeymoon (£3,582) catering (£2,770) and the venue (church, civil ceremony location, reception £2,164) has meant that the total bill for getting hitched has put 12% of couples into the red.

The financial pressure of finding the funds needed to meet wedding expenses has sparked arguments, and even put the prospect of a break up on the horizon, for one in nine couples.

More than half of the newly-weds questioned felt that wedding costs have spiralled, with more than a fifth turning to loans and credit cards to finance their nuptials. A further 25% argued that they borrowed money from friends and family to boost their wedding budget.

A third of those surveyed confessed that they had slipped into debt to pay for their wedding, while 23% admitted that they had put the prospect of getting married off altogether because of money woes.

The main reason cited for wedding costs putting a strain on couples’ finances is an ever-increasing guest list and the pressure of having to ‘keep up with the Joneses’.

Commenting on the findings, a spokesman for Sheilas’ Wheels, said: “The typical wedding is now a very costly affair which is clearly causing a strain to young couples who are also trying to organise their own big day, get a leg up on the property ladder or even look at starting a family.”

To get the best rates on your borrowing, you can compare credit cards with Propertywide.

Posted by: Nicola Severn Categories: Finance, Uncategorized Tags: , Comments Off on One in eight newly-weds in £3,000 debt

Comments are closed.