Romance ‘goes into recession’

Britons are spending less on celebrating big moments like wedding anniversaries because of their lack of cash, a study has found.

Research has revealed only one-in-three couples celebrate this date in style, with many being held back from spending a lot of money due to their debts.

It found 25 per cent are still paying off debts incurred in arranging their wedding by the time they reach their third year, while 30 per cent said the economic climate is reducing their anniversary budgets.

By contrast, 11 per cent of couples see the event as a one-off when they can push the boat out and enjoy themselves.

American Express spokesperson Julie Hay said: "If money were no option, I am sure that more couples would spend time celebrating their anniversary."

One kind of borrowing consumers have been focusing on trying to clear is credit card debt, external affairs director at Equifax Neil Munroe noted this week.

He said "savvy" consumers are working out that this is the more expensive debt and therefore more interest can be saved paying off cards than mortgages.

By James Francis