Secret Credit Cards in the UK
According to a recent research conducted by GfK NOP on behalf of Halifax Credit Cards we do not seem to always be entirely honest with our other halves on matters of finance.
The Halifax findings revealed that we hide an estimated 217,000 credit cards from our partners.
The research showed that the main reasons for having a secret credit card were:
• To buy ourselves items we didn’t want our partners to know about
• To hide existing debt from our partners
• In case of emergencies
Although the Halifax research showed that there are an estimated 217,000 secret cards in the UK, this represents just one percent of cardholders with a partner. The vast majority of us are open and honest with our partners about our finances.
The biggest purchase made on secret credit cards was modest, with the largest item respondents admitted to buying still being less than £500. Items that secret cards were used for included electrical goods and a holiday.
At a practical level, secret card debt may not be as harmless as it would first seem. When applying for products in joint names, couples may be asked to disclose any outstanding debts – possibly leading to difficult conversations which could otherwise have been avoided.
Source: Halifax Credit Cards
