Couples cut down on wedding costs

An increasing number of Brits are taking out personal loans to cover the costs of weddings.

According to research from finance provider, Sainsbury's Finance, there has been a 43 per cent increase in the number of loans taken out in the first four months of 2009 compared to figures from the same period last year.

The reseach found that £113 million worth of loans were taken out within the first four months of the year to cover wedding costs.

Steven Baillie, head of loans at Sainsbury’s, said: "If you decide that a loan is the best way to pay for [a] wedding, make sure you shop around to get the best rate and payment term for you, it could save you a considerable amount in repayments."

Meanwhile, research from insurance provider LV= found that the amount of cash spent on wedding gifts has also plummetted as more people struggle to pay off personal debts.