Till debt do us part

Weddings might be decreasing in popularity but new research reveals that even in the current financial climate Brits will still risk going further into the red to get hitched.

Worryingly one in ten people (10%) would take out a personal loan to pay for their wedding or stick the whole cost of the day on a credit card. A further 3% plan to remortgage or take out a second loan to cover the costs.

The research of 1,173 UK adults by money website Fool.co.uk also found:

A typical wedding costs £4,968, but a handful of happy couples (1.4%) would spend more than £30,000
One in twelve (8%) would spend between £15,000 and £20,000 on their big day
85% will use savings to finance their wedding

He who pays

When it comes to forking out for all the trimmings double standards are still alive and kicking. While 17% of men surveyed are prepared to pay for the whole day without asking for a contribution from their partner, only 5% of women expect to have to pay for the wedding themselves.

More than a third of people surveyed plan to split the costs or ask their family to help, and around eight times as many couples would turn to the father of the bride for the money rather than the father of the groom.

Donna Werbner, financial expert at Fool.co.uk, said: "If you stick all the costs of your wedding on a credit card, you could find your big day is memorable for all the wrong reasons - because you end up paying for it for the rest of your life.

There's no doubt weddings are becoming more expensive, but people seem to lose all sense of proportion when it comes to budgeting.

"Money may not buy you love, but love sure can cost you a lot of money."

Donna's helpful tips:

When saving for the big day ensure you have the best rate and you are using up your full tax-free savings allowance

Try to use credit cards for large purchases, such as the ring or deposit on the venue, as you are protected by section 75 of the Consumer Credit Act. So if the goods fail to arrive, or are damaged, you can pursue the lender as well as the retailer for breach of contract

If you can afford to pay for your purchases in full every month, opt for a cash back credit card. This will enable you to earn up to 5% cash back

If you are not going to pay for your wedding straight away, get a credit card offering 0% interest on new purchases or balance transfers

Update your home insurance policy to include personal possessions, as this should protect your engagement and wedding rings outside your home

If you're planning a lavish wedding, consider wedding insurance for peace of mind.