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Yahoo Finance UKVirgin Money keeps close eye on debt levels as credit card balances jump 8%Yahoo Finance UK"We watch the increase in consumer indebtedness closely and continue to lend responsibly to our prime books of mortgage and credit card customers who are showing no signs of strain in the current environment." The company added: "We prioritise asset ...
Belfast TelegraphVirgin Money keeps close eye on debt levels as credit card balances jump 8%Belfast Telegraph... the UK financial system, leaving banks exposed if their lending rules are too loose and people cannot make their repayments. Virgin Money said in its latest trading statement it was taking a cautious approach to lending and while credit card ...
This is MoneyTop pitfalls when you reach retirement and how to avoid themThis is Money... how much you'll need to put away to fund the retirement you envisage using This is Money's pension pot calculator. When you reach your state pension age, you also don't have to stop saving into your personal pension. As long as you're resident in ...and more »
City A.M.Virgin Money share price dips as credit card and mortgage lending rises - but it keeps schtum on Co-op BankCity A.M.The lender said it had made "strong progress" in the three months to the end of March, with mortgage lending rising £2bn, giving it a 12.3 per cent share of the UK's mortgage market. Credit card balances rose eight per cent to £2.7bn, while deposit ...Virgin Money wary of price war while credit card business surgesFinancial TimesVirgin Money gross mortgage lending slips in the first quarterNasdaqVirgin Money makes 'good progress' in first three months of new financial yearinsider.co.ukLondon South East (registration) (blog) -Proactive Investors UK -DIGITALLOOKall 10 news articles »
City A.M.Virgin Money credit card and mortgage lending rises - but it keeps schtum on Co-op BankCity A.M.The lender said it had made "strong progress" in the three months to the end of March, with mortgage lending rising £2bn, giving it a 12.3 per cent share of the UK's mortgage market. Credit card balances rose eight per cent to £2.7bn, while deposit ...Virgin Money wary of price war while credit card business surgesFinancial TimesVirgin Money makes 'good progress' in first three months of new financial yearinsider.co.ukVirgin Money gross mortgage lending slips in the first quarterNasdaqLondon South East (registration) (blog)all 8 news articles »
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To Save or To Clear the Debts?

You may have noticed that your savings aren’t doing a lot to pay their way these days. Pensioners are badly hit as many of them use the interest from their life savings to pad out the weekly amount they get from the state. Many mortgage payers are happy as their payments have come down, but just about everyone else with savings is in the situation where the real value of their money is falling because interest payments aren’t as high as inflation.

 The average rate for UK instant access accounts including current accounts was around 0.17% at the end of February and we’ve had another cut in the Bank base rate of half a percent since then. Despite that, with credit hard for many people to come by; credit limits being cut by the card companies and worries about job losses, if you can, it’s best to have some savings on hand for an emergency. And the latest figures show that people are saving more. There’s nearly £1,000 billion of savings in our banks and building societies and another £90 billion in National Savings.  

In terms of interest you may as well keep your money under the bed – but then that’s probably the first place a cash strapped burglar is going to look. Fixed rate bonds pay slightly higher rates than instant access accounts. National Savings and Investments products are increasingly popular because people want to know their money is safe whatever the interest rates and they have a 100% government deposit guarantee. It’s never been more important to shop around and don’t be slow to move your money to higher interest rate paying accounts. Keep a close check on any accounts you do have to see what interest you are being paid. The financial pages of the newspapers are good for advice on which accounts are paying the best rates but these change frequently. 

Once you’ve got your emergency fund in place if there’s any money left over think about clearing expensive debts. There’s no point in having a lot of money sitting in an account getting 2.5% interest if you’re paying off loans or credit card accounts at interest rates in the high teens and 20’s. Homeowners are paying off their mortgages too. Some who’ve seen their monthly payments fall are continuing to pay at the old rate so that they clear their mortgages more quickly.

If you have a lot of savings think about getting some financial advice. Your money may not be doing as well for you as it could and a good Independent Financial Adviser can be worth his or her weight in gold. Visit more than one and choose the advice you feel happiest with. Family, friends and colleagues may be able to recommend advisers they’ve used and found helpful.

If you’re lucky enough to have money to put aside it’s time to take stock and nurture it so that it can nurture you back in the future.

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