Brits Keeping Credit Cards Secret

Thu, 07 May 2009

Thousands of Britons own a credit card which their partner does not know about, according to new research.

A poll by Halifax found that consumers' most common reasons for keeping a secret card were buying items they did not want their other half to know, hiding existing debts from their partner and keeping a card aside for emergency use.

Halifax claims there are around 217,000 ‘secret’ credit cards in the UK, which equates to just one per cent of all cardholders currently with a partner – indicating that "the vast majority" of consumers are open and honest about their finances .

However, the lender warned that having secret card debt can lead to problems and "difficult conversations" as the debt could come to light when couples apply for bank accounts or other products in joint names.

Adrian Bryant, head of marketing for Halifax Credit Cards, said: "Our research shows that the majority of couples are open and honest about their finances with only a small number admitting to a secret credit card ."

"It’s important that people are honest about their finances with their partner as it may affect their ability to secure products in joint names."

According to debt charity Credit Action, the average Brit owes around £4,800 on credit cards and personal loans .
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