Do you hold a secret credit card?
A report by Halifax has revealed upwards of 200,000 "secret" credit cards are in existence in the UK. These are credit cards which have been hidden from partners and spouses with many holders still relying upon their flexible friend to get them through each month. Due to a mixture of secret purchases and a policy of trying to hide the full extent of personal debt, it appears that many in UK are willing to chance a "secret" credit card.
However, as the UK economy continues to turn downwards and credit card debt continues to rise, more and more of these secrets will be revealed causing significant unrest across the country. As many couples and spouses continue to battle the ever-growing cost of living, the revelation of secret credit cards could open a Pandora's box of issues. As D-Day moves ever closer for many holders of these secret credit cards we could see a significant rush on bankruptcies, insolvencies and debt consolidation although for many people there may be more serious issues to discuss.
As we touched on in one of our recent post, there is no need to be afraid of debt although it is something which should be respected. If left unmonitored credit card debt in particular has a habit of coming back to bite you!
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