Loans - Big weddings are becoming a big burden - 26/05/2008

 
 
  Millions of Britons are still prepared to go into debt to finance their weddings, a new survey has shown.

In a poll conducted by price comparison site Fool.co.uk, one in ten of respondents said they would take out a personal loan or use a credit card to pay for their wedding.

Meanwhile, a further three per cent said they are planning to remortgage their home or take out a second loan to cover the cost.

Donna Werbner, financial expert at Fool.co.uk, said: "If you stick all the costs of your wedding on a credit card, you could find your big day is memorable for all the wrong reasons - because you end up paying for it for the rest of your life.

"There's no doubt weddings are becoming more expensive, but people seem to lose all sense of proportion when it comes to budgeting."

The site's research also revealed that the average cost of a wedding stands at £4,968. However, 1.4 per cent of those quizzed said they would spend over £30,000

   
 
     
 
 
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPATMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.

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