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Thursday, 11 October 2007 |
By Abbi Rouse
 Although happy couples may have their hearts set on having the perfect wedding day, a lack of financial planning may see them develop debt difficulties, new figures indicate.
With the average wedding reported to cost about 18,000 pounds , findings from Equifax have suggested that unless they create and stick to a budget, those looking to get married could well start their life as husband and wife in financial turmoil. Research from the company also showed that out of those couples planning on financing their wedding via credit, some 50 per cent are set to take out a personal loan. Meanwhile, the company also reported that just under a third (29 per cent) of consumers saving for a wedding have more than 5,000 pounds worth of short-term debt.
Neil Munroe, external affairs director for Equifax, stated that unless couples plan their finances carefully then could find themselves developing debt difficulties very quickly. He asserted: "Losing track of how much you are spending and the potential for unforeseen costs are common problems with weddings. Early planning and budgeting are the key to post-wedding day financial bliss."
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Last Updated ( Thursday, 11 October 2007 )
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