High demand for Wedding Loans in 08
Young couples that are planning to soon be wed, may be interested to hear that the average cost of a wedding in the UK has soared to more than £25,000 in the last year.
One of the UK’s most popular wedding arrangement and advice sites, recently revealed to its visitors that weddings held throughout 07, and into the early part of 2008, had increased above the national average by more than £5,000.
As a result, a 20% increase in the number of newly requested and issued wedding loans was also recorded by UK lending firms last year, pushing this specific purpose up into the 5th most common loan request of 07.
It is thought that an increasing number of young couples are choosing to stage their weddings outside of the UK, with such destinations as Barbados and the Canary Islands riding high atop the list. Exotic requirements in the location department are thought to add an additional £7-10,000 to the standard costs of a wedding, which in turn is placing additional pressure on couples to ensure their budgets are as exact as possible.
A representative for the advice site said that soon-to-be-weds needed to be especially cautious if planning to marry abroad. Weddings are notoriously difficult to budget for, and when taking the additional variables of marrying abroad into account, it is extremely easy to overshoot the mark by a large degree. This is further worsened in the fact that most of the extra expense is then funded through the use of wedding loans.
