Debt set to fund thousands of weddings

Thousands of people around the country are preparing to add to debt management issues by funding their wedding ceremony through credit, it has been suggested.

According to a report from Sainsbury’s Bank there are likely to be close to 125,000 people around the country taking out personal loans in order to have the kind of wedding they want this year.

The figures from the financial services firm have indicated that a total of over £1 billion in debt will be taken on in order fund wedding ceremonies around the country this year and that the average size of these loans will be around £9,000.

Weddings have been the cause of debt management difficulty for many couples around the country and Sainsbury’s Bank’s latest figures have been released ahead of February 29th, when traditionally women have been more inclined to make a marriage proposal.

Earlier this week, the same banking group predicted that millions of Britons will switch their credit card debts from one provider to another over the course of the next few months.