217,000 hidden credit cards masking debt struggles

New research from Halifax has revealed that there are an estimated 217,000 credit cards which are kept secret from spouses.

The bank has warned that this could carry serious implications for household finances, as well as for relationships.

Head of marketing for Halifax Credit Cards, Adrian Bryant, commented: “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.”

The research showed that money spent on hidden credit cards ranged from small amounts to £500, with respondents claiming that the cards were for emergency purposes. However, other more honest respondent said that they were used for purchasing items without a partner knowing – and to hide existing debt.

Article sourced from www.debtmanagementtoday.co.uk 18th May 2009