5% of people in a relationship have ‘hidden' credit cards

When it comes to money it seems that UK couples like to keep their finances divorced. A survey, conducted with more than 1,200 British adults currently in a relationship, found that 16% like to keep love and money separate.
 
And for some British couples this could mean that there are more money mysteries lurking, as 5% admitted to hiding credit cards from their partner, with just over a quarter (26%) of these confessing to concealing up to £1,000 of debt on these secret cards. Shockingly, almost one in ten (8%) of those that had hidden credit cards from their partner disclosed that they had amassed more than £5,000 of debt. That's more than £625 million of debt that British couples are keeping from each other.
 
Only 40% have at least one joint bank account with their partner, with one in three people (31%) not having any sort of joint bank account at all.
 
In the survey 28% of couples said that they had joint accounts but also had separate accounts, while nearly a quarter (24%) said they had a separate bank account for financial independence.
 
Almost a quarter (23%) of the couples who had a joint bank account or credit card, said they did so as they have no secrets as a couple.
 
Matt Sanders, banking and credit card expert at Gocompare.com, 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.
 
"But hiding credit card debt is another thing. Debt can be a damaging burden to bear, and there really is no need to keep it under wraps. By finding a credit card that offers 0% interest periods for balance transfers, you may be able to move your debt, for a fee, and avoid paying interest charges for as much as 28 months, giving you the breathing space to devise a plan to pay it off.
 
"Sharing the debt burden with your partners will surely make it easier to handle and also make it more likely that you won't fall into that trap again."
 
Matt added: "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."