Debt warning over royal wedding

Credit card debt may increase as a result of some royal fans over-spending on next week's wedding of Prince William and Kate Middleton, it has bee…

Credit card debt may increase as a result of some royal fans over-spending on next week’s wedding of Prince William and Kate Middleton, it has been suggested.

Such a warning comes from Co-operative Financial Services (CFS), which carried out a survey of celebratory intentions and found the average household is spending £267 on the event.

With some people being indifferent to the event, having republican sympathies or simply off on holiday because of the chance to take 11 days off using just three days of annual leave, this figure may be much higher for those keen to make the most of the big day.

Major items will include food, drink and commemorative bunting, but director of retail banking at CFS John Hughes advised people against going too far.

He commented: “Events like the royal wedding don’t come around every day and people naturally want to celebrate and mark the occasion. By ensuring that their spending is planned and budgeted for, people can ensure that they are spending within their means and can enjoy the excitement of the day, without worrying about a financial hangover in the aftermath”.

Instead of leaving themselves needing debt consolidation measures or another solution, people should budget wisely when spending on the festivities, Mr Hughes added.

Over a quarter of those planning a celebration will be having a barbecue, while 13 per cent will be at a street party.

Those facing a big bill after the weekend will include anyone spending it at a central London hotel, according to research from Santander indicating room charges will be hiked by 113 per cent for the occasion.

By Joe White

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