Credit used to fund 70% of British weddings
Approximately 70% of British couples that are forward planning their wedding day will use some form of credit facility to cover the costs.
According to financial service comparison site The Motley Fool, young Brits rely heavily on a whole host of different credit products to finance their big day and cement their love to one another. Amongst the most popular facilities are personal loans (of which around 10% of people opt for), credit cards (the most popular facility accounting for 75%), leaving the remaining 15% choosing between a remortgage, homeowner loan and/or family/close friend loan.
The site also reveals that the typical cost of a British wedding is priced at just shy of £5000, however there are also a great number of couples who are willing, and ultimately will spend considerably more than this amount.
A representative for the site warned couples of the potential risks involved when debts of these kind are ran up through certain forms of credit. Couples need to be aware that wedding debts have the potential to linger for many years after the actual wedding day and it is important to keep your budget in sync with your actual levels of affordability.
The last thing that any newly wed couples needs is the stress and strain associated to unmanageable personal debts when entering into their new lives together.
