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Getting the wedding blues: a tale of wedding debt
"Planning a wedding or just got married? Couples beware.
"The last thing I want to do is to put you off getting married, but I urge you to think about this scenario carefully.
"The bride and groom both want a day to remember; with photographs they’ll be proud to show their children and future grandchildren. Wedding photos that speak a thousand words, show how beautiful the bride looked and how handsome the groom was, so they get the best possible wedding photographer money can buy.
"Not forgetting the wedding dress - a gorgeous dress with lots of designer detail, a family heirloom perhaps? And the Groom, it’s his special day too, and a stunning suit is needed for him.
"Then we move onto the venue and the cake, nothing but the best for this happy couple and their guests – wedding debt doesn’t even enter their minds.
"But their money doesn’t stretch to free flowing champagne and caviar, so they put that on their credit cards and get a short term loan to cover the other costs.
"They can just about manage the repayments to the credit cards and loan but they get carried away in the moment and decide to get an extension on the loan.
"For this couple, the misery hit them on their Caribbean honeymoon when a card was declined. Then another, and another.
"If you think this only applies to couples getting married in the UK, then think again.
"One couple flew their entire family to Antigua to see them marry on the beach and a month after the wedding they were both in tears - the happiest day of their life cost £60,000 and it would take a lifetime to pay back.
"What advice would you give a couple in a similar situation?
"If this is a familiar position, please contact me for some advice. I’m happy to help."
Harvey Freedman, regional EuroDebt advisor.
