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NewswireTODAY - /newswire/ -
London, Greater London, United Kingdom, 2007/06/14 - This weekend four England internationals will be getting married. New research reveals just how much people are prepared to pay for their dream day - MoneySupermarket.com.
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Over half the couples getting married this year will pay for their wedding on credit according to figures released today.
These findings come as the UK braces itself for ‘WAG Wedding Weekend’ where no less than four England footballers will marry in an orgy of competitive spending and extravagance.
The research, conducted by price comparison website moneysupermarket.com, reveals 41 per cent of soon-to-weds will be ‘Plastic Brides’ and use credit cards to cover the costs. A further 15 per cent will take out a loan to pay for their big day.
Only one in six say that either set of parents will pay. Just 20 years ago, the number of parents footing the bill was double that level and the percentage of couples borrowing money was less than one in ten (nine per cent).
On average, this year’s ‘happy’ couples will borrow just under £8,500 for their big day, with almost a quarter borrowing between £10,000 and £15,000. How long it will take to repay the debt is unclear, with one in four couples who married five years ago reporting that they are still paying for their wedding.
The research also shows you are more likely to be a ‘Plastic Bride’ if you live in the South. Couples in southern counties are the most at risk from long-term debt with 15 per cent reportedly borrowing more than £20,000 for the big day. That compares with only four per cent of couples in the North.
In contrast, Scottish nuptials are more ‘traditional’ affairs with over a quarter of weddings paid for by one or both sets of parents.
Stuart Glendinning (a managing director) of moneysupermarket.com said: “Weddings are undoubtedly an expensive business and, for many, there is pressure from all sides to spend more money than you have. However, couples must be aware of the potential long-term financial risks of paying on the never-never.
“If a couple borrows £5,000 on a credit card or cards, at a typical APR at 15.9 per cent and only make minimum payments, they could end up paying over £725 in interest in the first year and if they continue making minimum payments, it could take them more than 20 years to pay off. Paying back a loan with rates at anything between six and eight per cent can also add up to serious money. 1
“If you must borrow, shop around and get a good deal. Look out for good introductory offers with 0 per cent purchase deals or cashback offers and lessen the future pain – and possibly reduce the chances of divorce!”
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