All you need is love…and good credit

23 May 2008 / by Rachael Stiles
They say that 'all you need is love', but Brits are finding out that they are also having to take out credit if they want to get hitched in these tough economical times. has found that 10 per cent of newlyweds are borrowing money for their wedding, either by taking out a personal loan to cover the costs, or putting the whole amount on a credit card.

Three per cent of engaged Brits remortgage their homes or take out a second loan to pay for their weddings.

And 85 per cent of brides and grooms to be will be raiding their savings to fund the big day, which, according to the survey, costs an average of £4,968, but some couples will spend more than £30,000 to create the perfect day.

When it comes to who pays for the wedding, double standards are alive and well, with 17 per cent of men saying they would pay for the entire wedding, compared with just five per cent of women. More than a third will split the cost, and approximately eight times more couples would approach the father of the bride to help with the costs rather than the groom's parents.

Donna Werbner, financial expert at, said: "If you stick all the costs of your wedding on a credit card, you could find your big day is memorable for all the wrong reasons - because you end up paying for it for the rest of your life.

"There's no doubt weddings are becoming more expensive, but people seem to lose all sense of proportion when it comes to budgeting. Money may not buy you love, but love sure can cost you a lot of money."

Meanwhile, 36million Brits are worrying not so much about how to pay for a wedding, but how to put food on the table as grocery and energy prices rise, causing one third of Britons to expect lower disposable incomes during the next six months, and to tighten their budgets accordingly.

Consequentially, Britain's "passion for fashion" is on the front lines, Alliance & Leicester has said, as 39 per cent of Brits admit to cutting back on their clothes shopping, four in 10 are reining in their everyday spending, and 36 per cent are cutting down on socialising.

© Fair Investment Company Ltd