Thursday, June 11, 2009
Category:
Consolidation
According to new research by Halifax Credit Cards, financial transparency is not always prominent in relationships.
In fact, an estimated 217,000 credit cards are hidden from partners nationwide.
The key motivating factors for concealing credit cards from partners were found to be threefold. Firstly, to facilitate the purchase of items that the credit card holder does not wish their partner to know about; secondly, to avoid revealing existing debts; and thirdly, to be prepared for potential emergencies.
Despite Halifax revealing that 217,000 credit cards are secretly possessed within relationships, this only equates to 1 percent of cardholders with a partner. This would indicate that a large proportion of couples in the UK are indeed upfront about their finances.
In terms of the types of items purchased with secret credit cards, the research showed that they generally include electrical equipment and holidays. However, even the most expensive transaction was discovered to be less than £500.
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."
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Homeowners with several credit cards – secret or not – may wish to consider taking out a debt
consolidation loan. A debt consolidation loan could remove the stress and hassle of juggling multiple monthly repayments by replacing them with just one, simple, monthly repayment. In addition, the new repayment amount could be lower than total existing outgoings. However, it should be remembered that consolidating debt with a debt consolidation loan may increase the amount you pay back overall and extend the repayment period of your debts.
