Marriage loans leave couples worse off
08 June 2004
The rising cost of weddings is putting more pressure on couples to find alternative ways of financing their big day - with 70 per cent paying for it themselves.
Research from Alliance & Leicester reveals that the tradition of the bride's family footing the bill is all but dead and buried.
The estimated cost of a wedding now averages over £15,000 - so it is not surprising that one in five couples admit to needing to borrow money to pay for the expenses.
However, 17 per cent are worried about entering married life in debt caused by borrowing to fund their big day, with women worrying more (23 per cent) than men (11 per cent).
The head of Personal Loans at Alliance & Leicester, Andy Bayes, said: "With all the effort and energy that goes into organising a wedding, it would be a shame not to do the same when it comes to choosing the most competitive finance package to pay for it."
He says it is necessary to look around before deciding on anything: "Shopping around to get a good deal could ultimately impact your overall wedding plans - and whether you can afford a honeymoon in Skegness or the Seychelles"
Many have to scale down on their original plans because of spiralling cost - 38 per cent say this has been the case for them
Wedding finance worries often prove a strain on many relationships with 15 per cent arguing more about money.
Mr Bayes concluded by saying: "By not making the time to look for a competitive loan, couples risk ending up with a loan from one of the bigger high street banks that can cost hundreds of pounds in additional interest - money that most newly-wed couples can ill afford to lose."