As we are now moving into the season for weddings the inevitable wave of stag and hen do’s that precede them are apparently forcing more people in to debt as they struggle to pay for them. The growing pressures of bigger and pricier pre-wedding events, with many now going abroad, is meaning individuals are struggling to fund the activities and looking to credit as the answer.
Research undertaken by the Debt Advisory Centre showed that 25% of hen or stag do’s are abroad and 15pc of respondents admitted that although they could not afford to attend they still did due to social pressures. The biggest finding by the research however was that almost a fifth had borrowed money in order to participate, much of which had been found through friends, family, credit cards or payday loans.
With the parties now becoming increasingly lavish affairs, such as trips to Vegas or Eastern Europe, many celebrations have sprawled into two separate occasions one based in the UK and one abroad only increasing costs. Nearly 25% admitted that these celebrations had cost over £300, with one in twenty having spent over £500. It’s may come as no surprise to find out that one in five had actually had to turn down attendance because of the cost.
The biggest worry extracted from the research is that these holidays may be forcing people into using payday loan options for finance as the amount required isn’t necessarily large enough for a main stream lender to supply. As with all debts be careful of what you are getting yourself involved with, the cost of a great weekend away may be worth financing but just make sure you can afford it in the long term! If you need help regarding debt, then contact us.