Secret cards could be hiding need for debt management solutions
Secret cards could be hiding need for debt management solutions
Thursday 7th May 2009
People may be unaware that their partners need debt management solutions because an estimated 217,000 credit cards are hidden from spouses, the research shows.
Reasons listed for having secret cards include a desire to purchase items without a partner's knowledge, emergency purposes and to hide existing debt from the other half.
Buying electrical goods and paying for a holiday were listed among purchases that have been made on secret cards of the respondents, with the sum spent ranging from small amounts to nearly £500.
In spite of the fact that secret card debt may not always be as large as other household expenses, it could have grave implications for relationships and even cause embarrassment and mistrust, Halifax has warned.
This is because couples may be required to disclose any outstanding debts when applying for products in joint names, which could result in "difficult conversations" that may have otherwise been avoided.
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 the latest statistics from debt charity Credit Action, the average household debt in the UK is £58,350 with mortgages and £9,280 without.
News article brought to you by Debt1 – Confidential, helpful and friendly debt management.
Related News
Debt management solutions recommended for landlords - 06/05/09
Good debt management solutions such as overpaying on mortgages can help landlords and buy-to-let investors steer clear of falling into debt
Good debt management solutions such as overpaying on mortgages can help landlords and buy-to-let investors steer clear of falling into debt
Good debt management solutions required for buy-to-let investors - 05/05/09
Consumers interested in getting into the buy-to-let market will require astute debt management solutions in order to survive in the environment, which has been transformed by the financial crisis
Consumers interested in getting into the buy-to-let market will require astute debt management solutions in order to survive in the environment, which has been transformed by the financial crisis
Equity release could spur need for debt management solutions - 01/05/09
Homeowners may be forced into a position where they may require debt management solutions in future due to people increasingly borrowing more against their properties as they turn to equity release
Homeowners may be forced into a position where they may require debt management solutions in future due to people increasingly borrowing more against their properties as they turn to equity release
Debt help demand could soar as ID theft increases - 30/04/09
Thousands of consumers risk being inadvertently forced to seek debt advice as a result of financial fraud following news that identity (ID) theft is set to soar over the next five years
Thousands of consumers risk being inadvertently forced to seek debt advice as a result of financial fraud following news that identity (ID) theft is set to soar over the next five years
Rural town residents could require debt management solutions - 29/04/09
People located in rural and industrial heartlands across the UK are likely to require debt management solutions following revelations that these regions are among the worst hit by the recession
People located in rural and industrial heartlands across the UK are likely to require debt management solutions following revelations that these regions are among the worst hit by the recession
News Article Search
Quick Apply
News Archive