Over a million Brits have a secret credit card
Over a million Brits are hiding secret credit cards from their nearest and dearest as they feel guilty about splashing out on luxury purchases during the recession, new research reveals.
As the Government is expected to announce today that Britain is suffering the longest double-dip recession since the Second World War, Debenhams Personal Finance finds it’s not just their flexible friend that people are concealing.
Eight per cent of Brits confess to keeping a secret stash of cash, while four per cent even have a job on the quiet to pay for their spending habits.
While some people still tell their partners when they’ve had a dose of retail therapy, many are fudging the figures when it comes to revealing how much their shopping spree cost. Over half of British adults (54%) admit lying to their loved ones about the true value of items they buy.
Of those who tell price-porkies, six in ten (59%) lie to their partners and a third (29%) hide the truth from their parents.
Yet it seems we’re a trusting nation, as only one in ten (9%) Brits suspect their own partner of lying to them about their spending.
When asked why they play down the true cost of their shopping, 14 per cent of people said they feel guilty about splashing out during a recession, while almost one in five (18%) are embarrassed about their extravagance.
Said Head of Debenhams Personal Finance Mike Hazell: “Our research shows that during these difficult times, people are moving away from being extravagant with their lifestyles. They’re choosing instead to play down the true cost of some of their purchases, and in some cases even hiding it.
“They are admitting to feeling guilty or even embarrassed about splashing out on luxuries at a time when many of us are experiencing a strain on our personal finances.
“As long as you act sensibly, if you are going to treat yourself, a credit card can be a good way of making sure you don’t go past your overdraft limit and incur fees and can also help build up your credit rating. But if you really can’t afford something, you should resist temptation and save up for it instead.”
Items we lie about most:
1. Clothes (47%)
2. Shoes (30%)
3. Gifts (28%)
1. Tech / Gadgets (30%)
2. Gifts (19%)
3. Alcohol (19%)