In the current financial climate it is not really a big surprise that many of us want to try and keep our debt levels a secret from our partners. For many the issue relates to being embarrassed about the debt, whereas for others the issue relates to trying to ignore the problem, which in effect means burying your head in the sand.
One leading provider,
Halifax credit card, recently carried out research that showed just how many Brits were keeping their credit card debts a secret from their partners. It was revealed that hundreds of thousands of British cardholders had decided to keep their credit card debt a secret from their partners.
It was estimated by the credit card provider that around two hundred and seventeen thousand credit cards in the UK were being kept a secret from the partners of the cardholders. The research showed that the main reason for hiding credit card debts was to keep certain card purchases a secret, which was why many cardholders decided not to disclose their credit card debt to their loved ones.
Other reasons for doing this included wanting to hide debts from a partner, and wanting to keep the credit card away from a partner so that it could be used in the event of an emergency. However, one industry official has said that it is important for consumers to be open about their debts with partners, as otherwise this could affect their ability to get joint credit should they wish to do so.
One industry expert said: "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." It was also found by some industry experts that there had been an increase in the number of couples that had been arguing about finances since the onset of the global credit crunch.
In the meantime, couples are urged to be more clear and honest with one another about their debts, despite the rising level of argument over finances, as the current difficult financial climate could otherwise mean that they cannot get credit such as a mortgage or car loan because of the hidden debt that one of the partners has.
People who are in debt should consider
comparing 0% balance transfer credit cards and moving to a promotional deal if they can. While you do need a good credit history to be accepted, the savings can dramatically cut the time it takes to repay the debt as well as the total amount you have to pay back.
