Wednesday 6th of May 2009
Many Britons are attempting to hide their debt from their partners by holding ’secret credit cards’, research has indicated.
According to Halifax, there are around 217,000 such cards in the UK, with principal reasons for them being kept secret including to buy items without a partner knowing and to conceal debt.
But the bank noted that this could lead to problems - as couples taking out financial products together could be asked to disclose outstanding debts.
Those who have built up more than they are able to repay on credit cards may wish to seek advice on debt management plans, as these can enable a borrower to reduce payments to a more affordable level.
Head of marketing for Halifax Credit Cards Adrian Bryant remarked: "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."
Recent figures from the Finance and Leasing Association revealed that consumers appear to be relying less on credit cards, as new business was down 11 per cent in February, compared to a year earlier.
