The cost of the average wedding for a couple in the UK has soared to between £15,000 to £20,000 and couples are being advised to start planning how they will finance their big day.
Thousands of people are expected to receive a proposal on Valentine's Day next week and many will not have the cash available to pay for a wedding, with thousands borrowing to cover the costs of a ceremony, reception and honeymoon.
Research by Moneyfacts suggests that personal loans of £15,000 over five years vary in terms of monthly repayments between £290 and £315 per month without insurance and between £330 and £425 per month with insurance.
The online comparison shopping website also advises setting up a joint bank account when planning a wedding, with a range of current accounts and overdrafts on the market paying rates of interest of between 0.1 per cent and almost five per cent.
Rates on overdrafts for UK consumers can also vary wildly, from 0 per cent for some authorised introductory offers to Effective Annual Rates (EARs) for unauthorised overdrafts of more than 30 per cent.
"These figures show the importance of shopping around for a good deal. Once the knot is tied, there are other financial matters that may need to be addressed – the mortgage, the savings account," Moneyfacts editor Emma Butler commented.To read more about Banking News, click here.
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