One third of Scottish wedding borrowers regret it
If you’re thinking about borrowing money to help pay for your wedding, beware! Research by Debt Advisory Centre Scotland (who provide this article) has found that more than a third of Scots who borrow to pay for a wedding end up regretting it.
Overall, one in seven married Scottish people (14%) borrowed money to pay for their wedding, and nearly a quarter of those people are still repaying what they borrowed. A fifth borrowed more than £5,000 – although this is still some way off the often-quoted ‘average cost’ of £20,000 for a wedding.
Over one in three (35%) borrowers said they regretted it – including 30% who wish they never borrowed at all, and 5% who wish they’d simply borrowed less.
Do you have to borrow for a wedding?
It can be tempting to take your wedding that little bit further by taking out a loan or putting a few things on a credit card. But it’s only worthwhile if you know you won’t struggle to pay it back. What’s more, with a bit of advance planning you may be able reduce the amount you need to borrow.
- Plan out your budget thoroughly before you start paying for things. Take into consideration how much you already have saved, any money your family may be contributing, and how much you can realistically afford to pay between now and the Big Day. You can get more budgeting advice from DACScotland.co.uk.
- If there’s a shortfall, don’t be tempted to go out and borrow straight away. See if there are any areas you can cut back on, or anything you don’t really need (e.g. canapés, or a live band).
- If you do decide to borrow, borrow wisely. Credit cards are best avoided unless it’s an interest-free credit card (and only if you can afford to pay it off before the interest-free period ends). Shop around for the best rates on loans to keep your costs down.
Starting married life with big debts is no fun – there’s nothing like money worries to spoil the honeymoon feeling! If you’re worried about wedding debts, don’t hesitate to get help from an expert.
Image from UnSplash
