The truth about bankruptcy
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Paying for a wedding can be hard, with some couples having to borrow money in order to pay for their big day.
It’s no secret that weddings can be expensive and although some couples receive financial help from friends or family to pay for their big day others have to find the money by borrowing. Whilst once it was traditional for the father of the bride to foot the bill alone, now it’s not uncommon for the whole family to chip in!
New research by Beaverbrooks has found that 4 out of 5 weddings are now being paid for by a combination of family members. The research revealed that although 18% of brides’ parents still want to pick up the tab for the wedding, the parents of the groom are also shown to want to contribute.
In many cases the grandparents of the bride and groom help pay for the nuptials … on average to the tune of £1,390. Meanwhile, a further one in ten couples also receive financial help from their siblings.
The true cost of a wedding
The day of your wedding is one that you dream of being perfect, but with the average cost of a wedding totalling £18,000, it’s no wonder that some family members are having to step in to provide financial help.
Accepting money from your family can be an uncomfortable thing to do, but doing so can be a safer option than borrowing money from a bank or loan provider or putting the costs on a credit card to increase your wedding fund. A family member may offer you this financial help as a way of protecting you from getting into debt. So they should be more lenient as to when you can pay them back and if you even have to … they may want this money to be their wedding gift to you.
Others do choose to borrow money from lenders in order to help pay for their wedding, with recent research* carried out for us finding that 19 per cent of respondents borrowed in order to cover the cost of the day. Of those that did borrow money, a third are still paying it back whilst a further 14 per cent wish that they had never borrowed the money at all!
Help is available
If you’re one of the people that did borrow money for your wedding and you are now struggling to pay it back then it’s crucial that you don’t suffer alone.
Any type of problem debt can be hard to deal with, but wedding debt in particular can be tough if it begins to have an impact on your marriage. Money concerns can be a real source of tension and resentment between couples, with research from the Kansas State University finding that couples who row over money early on in their marriage are at a greater risk of divorce.
If you’re currently struggling with wedding debt, speaking to a professional debt advisor could help you to understand what options are available to you. One of our expert advisors will be able to listen to your situation and provide you with the support and advice that you need. This advice will include information on any debt solutions that are available - of which fees may be chargeable.
The information that you receive from an advisor could help you to take the first vital step towards leaving your wedding debt behind you.
*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 21stth November and 28th November 2014, of whom 636 were in Scotland.
by Kyri LevendiBack to blog home