Bride and groom ‘often pay on credit’
Article Category: Debt Management Help and Advice
Britons are facing a growing debt risk when getting married, it has been observed.
Asset management firm F&C Investments notes that the traditional source of funding for weddings - the father of the bride - no longer supplies the necessary cash in many cases.
Instead, the ‘happy couple’ themselves are taking on much of the debt, according to company director and head of group communications Jason Hollands.
“The high cost of a wedding has meant that more often than not the bride and groom will shoulder most of the expenses, often on credit,” he comments.
“The financial burden means that many couples, some of whom are already struggling with mortgage repayments, can feel under a lot of stress.”
He adds that with an average cost of £11,000 for a UK wedding, many couples are likely to spend more - potentially adding to their personal debt.
Research from CreditExpert earlier this year found that more than a quarter of couples argue about their money problems, leading to a break-up for one in 20.
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