Virgin Money, a prominent high street lender, has raised its provision for bad debts to nearly £550 million.
This decision comes in response to an increase in borrowers facing financial pressures, leading to credit card payment defaults.
Subdued Mortgage Market Amidst Surging Costs:
Unfortunately, this move puts 255 jobs at risk.
Customer Spending Habits Amidst Cost-of-Living Pressures:
Moreover, Virgin Money supports government initiatives aimed at assisting people during the current challenging economic environment.