UK Adults Rack up £625m on Secret Credit Cards

 Saturday, 5 October 2013

 Prepaid News

Adults in the UK are collectively hiding over half a billion pounds in credit card debt from their other halves, according to research carried out by comparison site

The survey found that 5% of adults have at least one credit card that their partner doesn’t know about. Of those who admitted to concealing a card, 26% had a debt of up to £1,000 on their cards and 8% had more than £5,000 of debt, totalling around £625 million throughout the country. The study only looked at credit cards, however it's thought that these numbers would increase in debit and prepaid cards were taken into account.

Respondents to the survey also revealed that more people are keeping their financial independence, with 28% having both joint and separate bank accounts, and a further 32% keeping all of their money separate from their partner.

Matt Sanders, from, said: "Financial independence is very important for some couples so it's understandable that many want to keep their bank accounts and credit cards separate.

"Joint accounts can be very useful when you are paying household bills, and with the Payments Council's new current account switch guarantee up and running it's now easier than ever to find a bank or building society account that suits you and your partner's needs.

"You no longer have to worry about the complexities and hassle of transferring standing orders and direct debits as it will all be done for you, so there's no excuse not to shop around."

Source: GoCompare – September 2013