Couples 'Indebted In Holy Matrimony'

We all know that weddings are an expensive business not to mention a nice honeymoon in a hot foreign country. However, it seems that the spiralling costs are affecting more and more newlyweds.

The happiest day in the lives of couples may also be the most expensive, it has been reported. The average wedding costs around £18,000, according to a leading newspaper, with close to a fifth of this amount being paid with the help of either a loan or a credit card.

But debt counsellors have claimed that they are seeing twice the amount of newlyweds than in the last few years, while money troubles may see marital bliss last only as long as the honeymoon. A financial specialist has suggested that such a financial strain may lead to problems in the home.

"Their new lives together are blighted from the start by debt. The wedding itself causes cracks in the relationship," she said.

This new debt could add to the £1.3 trillion in personal arrears amassed in the UK reported by a money charity.

A financial expert said: "Some of these couples, especially those in their early 30s, are facing a future with no pension, no savings and huge debt. Rising house prices and interest rates, ever-increasing living costs and wages that have not kept up with inflation have all produced crippling debts and left more and more people turning either to bankruptcy or insolvency as their only way out."

An increasing number of young couples are now incurring debt management difficulties. Consumers under the age of 30 are particularly "vulnerable" as they are going through a transitional life-stage. While borrowers in this age bracket are beginning to start a family and buy their first home, they are also spending a high proportion of their income on social activities. The worry is that people are spending all this money on credit cards without building up any solid assets.

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