The R3 has stated the average couple will take up to three years to pay off their wedding day, according to their research. Take a look to see what kind of price tags young couples in the US are looking at for their wedding day right here. That's quite a bit of time for one event! Most couples borrow on average 5000 either from their family or in the form of a loan to pay for it. In the surveys 17% of couples took out more than 10,000. One couple from the research said that they took out a loan that would stretch the length of their mortgages. These usually take between 25-35 years to pay off. They said it was the only way they could afford the repayments.
Frances Coulson, president of the insolvency trade body R3, said: "At the moment consumers are tightening their purse strings, but it seems that weddings are the one event where people don't rein in their spending. As we've seen with the atmosphere surrounding the royal wedding, the British love wedding celebrations, it seems regardless of the costs. Many people say they want the best day money can buy, but unfortunately most don't have the money and can't afford it."
The UK is also facing higher costs of living because of rising inflation prices. According to a new survey, more and more people are finding it harder to get the money they need to afford everything, bills, food etc. They're turning to other methods of getting quick cash.
A website, CouponCroc.co.uk, did a survey online, they had more than a 1,000 people complete the poll and found that 28% of these people have considered getting a payday loan. That's just over a quarter. This is worrying!
Payday loan lenders charge up to 4000% representative APR on their loans. People are calling them 'Legal loan sharks' due to this. They have had criticism from MP's and consumer groups over these figures. Also financial troubles are having people exchange their jewellery for money on websites or in shops. 34% of CouponCroc.co.uk survey said they have considered swapping jewellery for money for the first time over the past year.