830 Million Dollars!
830 Million Dollars!
July 13, 2005Posted By weddings
More articles on the Weddings topic: Weddings
Sainsbury's Bank (England) estimates that the cost of weddings is rising at about 10 percent a year. The bank has calculated that nearly 52,000 personal loans will be taken out in 2005 to pay for weddings. The total of those wedding loans is over 830 Million Dollars!
This is not just a huge number for the wedding industry in general (where all that money is being spent), but also for the financial services industry. With many couples not shopping around for the best deal, the bank is estimating that over 23 million dollars will be overspent on interest, allowing for the fact that wedding loans typically get paid back faster than other personal loans. Many couples will be paying interest at levels more than 5 percent higher than they need to.
