Loans 'Could Help' With Wedding Costs

Those looking to get married should be conscious of the financial pressures the big day can entail, it has been suggested.

Those looking to get married should be conscious of the financial pressures the big day can entail, it has been suggested.

Pointing to findings by Wedding Guides UK, F&C Investments reports that as the various costs behind getting married can run into thousands of pounds, it could well put happy couples under monetary strain if they are not prepared for such demands on their spending. The average wedding cake is valued at 200 pounds, with the cost of a bridal dress coming in at 700 pounds. Meanwhile, the typical reception is reported to set consumers back by some 4,250 pounds. And with other wedding costs such as rings, flower arrangements and hiring a venue being other potential areas for spending, it is perhaps unsurprising that the financial services firm reported "getting married in modern Britain has become a very expensive business".

However, with weddings witnessing a recent rise in popularity, in addition to the introduction of civil partnership ceremonies, more Britons could find themselves struggling to manage their finances as a result of wanting to get married, which could extend to their ability to service other areas of their finances such as personal loans and mortgage payments. The news comes as the National Wedding Show, the largest exhibition for prospective brides and grooms, launches in Earls Court, London, this weekend.

Jason Hollands, director of group communications for F&C, said: "The preparation and cost that goes into weddings is far greater than ever before. Gone are the days of a buffet at the village hall followed by a honeymoon caravanning on the Cornish coast. Spurred on by high profile celebrity weddings, the pressure on couples today to impress their guests with a lavish bash and a honeymoon in an exotic far-away location has seen the cost of the average UK wedding rise to a staggering 11,000 pounds. However, many couples will spend a multiple of this."

He added that despite tradition dictating that the parents of the bride pay for the big day, as wedding expenses continue to rise an increasing number of couples are taking on the majority of marriage costs - "often on credit" - which could include methods of borrowing such as personal loans and credit cards. Mr Hollands asserted: "The financial burden means that many couples, some of whom are already struggling with mortgage repayments, can feel under a lot of stress." As a result, he claimed that for those looking to get married it is "essential" to begin saving as early as possible so as to avoid unnecessary debt difficulties later in life.

Those concerned that their finances will not be able to stretch sufficiently to fund the wedding of their dreams may wish to consider taking out a low-rate personal loan as a means of helping to meet various expenses. Earlier this year, Which? reported that prospective borrowers should get their financial history checked out with all three of the UK's major credit reference agencies before applying for a loan. In doing so, it was suggested that consumers may be able to get a cheaper loan, as financial providers use different information when judging applicants' ability to make borrowing repayments. Meanwhile, research from the consumer watchdog showed that a fifth of those who have fully surveyed their financial history have uncovered a mistake with their file.

About the author: Steve Smith writes for the 1 Stop Finance Shop where you can apply online for debt consolidation loans. We specialise in all sorts of personal loans, and secured loans with online application.