Wedding loan applications fall drastically
The number of loan applications to pay for weddings falls drastically as the credit crunch stops people tying the knot.
The Wizard has noticed a significant drop in the number of people who are applying for personal loans to pay for their wedding. The data - which is compiled as part of our loan application process – reveals that attempting to pay for the big day has made up just 3% of all loan applications received. In the meantime loans to consolidate debt have risen to make up almost half of applications received (46%) - a clear indication of the financial stresses and strains that many people find themselves under.
It is not completely surprising to see that couples are delaying their big day due to the current financial climate. In this day and age weddings are extremely expensive affairs and with partners and their families feeling the pinch across the UK it seems that this year’s wedding season may be a little quieter than in years gone by. It is sad that many may have to put their lives on hold as they wait for the economic climate and their own situations to improve. The fact that consolidation of debt is the most rapidly increasing reason to apply for a personal loan illustrates the extent of the financial hole some people find themselves in and highlights how important it is to find the right loan agreement for each individual and borrow wisely.
