Average wedding debt `takes almost three years to pay off`

The average wedding debt takes couples 33 months to pay off, research by insolvency trade body R3 has found.

The average amount borrowed for a wedding is £5,000, the report reveals, but many people borrow more: almost one in five (17% of) couples who took out a loan got into debt by more than £10,000 to fund their big day.

More than a third (36%) borrow money from friends and family to cover their costs, increasing to 45% amongst the 18-24 age group.

An expert at debt management company Gregory Pennington said: "Everyone wants their wedding to be a day to remember, and for many people that involves spending a lot of money on getting things just right. But in the current climate, we urge couples to keep in mind that all debt poses a risk - and they should only borrow as much as they can comfortably afford to repay.

"Ideally, couples should save in advance for their wedding day - and there`s nothing wrong with having an extended engagement if it means more time to save money. Borrowing some money needn`t be a problem as long as you can afford the repayments, but people should avoid taking on any debt that is likely to be a significant burden on their finances."