Customers of the bespoke engagement ring designers supported by F&L Designer Guides are advised to make sure they can afford a ring before ordering one, after a survey by British newspaper The Mirror revealed that this is most often not the case.
According to numbers recently published in a feature on the periodical’s website, over a third of all British ring-buyers (36%) are buying their jewels on credit, with only one in six (15%) following the old tradition of saving up for three months to buy their special someone an engagement ring.
Even more worrying is the fact that, of the 36% detailed above, more than a quarter have not yet managed to pay off their credit. Most of these were still fulfilling the usual five-month period necessary to pay such a debt, but one in ten estimated that, with their rate of credit and monthly earnings, the instalments could take upwards of nine months to be paid back in full. According to the article, this situation is less than ideal especially as most couples will be planning and costing out their wedding by the time their engagement ring has been paid off.
The newspaper, in conjunction with a credit agency, therefore advises young couples, such as those attracted to the designers sponsored by F&L Designer Guides, to be sensible and give some thought to affordability before rushing into debt to purchase a ring. The article offers a number of tips to prevent this type of credit from accumulating, which include the couple being honest with each other about their finances, budgeting for their wedding and engagement in a sensible manner, reviewing credit reports together, planning for the future, and not being too shy to ask for the help of a specialist agency should the need arise. The feature concludes that all of these measures could help reduce the level of credit debt resulting from an engagement and the subsequent marriage.
Further statistics detailed in the article indicate that the average amount spent by the interviewed parties for an engagement ring was £775, with a quarter of the interviewees admitting to paying over £1000, and one in ten splashing out over £2000.
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