Couples walk down the aisle into a lifetime of debt

MORE than a quarter (28%) of Scottish married couples have borrowed money to fund their big day, reveals new research. The Debt Advisory Centre says that more than half of those aged under 35 have borrowed to pay for their wedding, with just 11% of those aged 45 and over. While two-thirds of couples borrowed less than £5000, one in 10 borrowed £10,000 or more to pay for their wedding.

Almost a third (31%) who borrowed say they are still paying it off and 17% wish they’d never borrowed at all.

Melanie Taylor of Debt Advisory Centre said: “Although it’s no surprise that many Scottish couples are borrowing to fund their big day, the statistics on lingering debt are worrying and it’s striking how many of those who borrowed wish that hadn’t, or had borrowed less. “While there’s pressure to ‘keep up with the Joneses, it’s vital to ensure any repayments will fit well into your married life.

“A house purchase or a new baby could leave you struggling with your debt.