£1bn wedding loan

Over £1 billion worth of loans will be taken out over to cover weddings this year, as women prepare to get down on one knee for February 29th.

Figures from Sainsbury's Bank show 123,500 personal loans will be taken out worth £1.16 billion to cover the expenses of weddings in 2008.

The average personal loan taken out to cover a wedding is £9,363.

Figures from Confetti.co.uk put the average actual cost of a wedding at £19,400.

Despite the rising expense of heading down the aisle, some 29 per cent of women are considering proposing on February 29th – using the Leap Day tradition to give them the right to get down on one knee.

A poll by Alliance & Leicester found 91 per cent of men thought it was fine for women to propose, while 85 per cent of women concurred.

Carol Richardson from Confetti explained budgeting and shopping around were essential to bring down the cost of a wedding.

"The key to a successful wedding ceremony is planning, planning and then more planning," she said.

"Shop around, talk to all your suppliers and get a realistic idea of costs for every aspect of your day - from the flowers to the cake and the photographer.

"If you think you will need to borrow money to pay for the day, then don't forget to shop around for credit too and make sure you get the best deal as you would for any other element of your wedding."

Confetti found the average predicted cost of a wedding was £15,927 – but with every aspect except rings and stag/hen dos coming over-budget, the total true cost stood at £19,400.