Beware of wedding debts

With the average wedding costing £20k and many taking out a wedding loan to fund the expense, beware that the wedding debts may outlive the marriage.

As Kensington Financial Management Consultants (KFMC) have investigated, repaying a wedding loan could take longer than the 11.5 years that the average marriage lasts.

Despite poor credit rates, rising unemployment and many with rising personal debts, couples are still looking to splash out on their big day.

Before the recession, when credit seemed freely available, adding a wedding loan to the other credit already in place, didn’t seem an issue as long as the repayment periods were long enough to make them affordable.

But,if the repayments are spread over too long a period, the marriage may be over long before the repayments are.

Someone though is left making the loan repayments, even if there’s a divorce rather than a wedding certificate.

Starting married life with a huge debt can be a strain, so KFMC have some ideas to save money and make the day more affordable:

• Make the wedding day more intimate and reduce guest numbers
• Try a second-hand wedding dress – maybe use eBay
• Shop for bargains and get friends to help
• Email invitations – no need for stamps then

As Stuart Parker, MD of KFMC says ‘Weddings don’t have to break the bank. You can still have your perfect day without the designer price tag and strain of a loan, after all a wedding is about love and commitment and not about being the next Cheryl and Ashley Cole!’

Critcically enjoy your wedding day but don’t let your debts get out of control, it can lead to serious consequences.

If you are concerned about your debts it may be time to seek some debt management advice – it really is better to take action sooner rather than later.