Credit Cards & Loans
Consumer finance up by 7 per cent
Figures released today by the Finance & Leasing Association (FLA) indicate that consumer finance new business fell by 1 per cent in January this year compared with the same period last year, but remained 7 per cent up in the twelve months to January.
Point-of-sale car finance grew by 5 per cent over January, compared with the year before, but there was a modest fall in retail store and online credit of 5 per cent over the same period.
While the value of second charge mortgage new business grew by 13 per cent in January, the number of new second charge mortgages fell by 10 per cent in the same period.
“FLA’s consumer finance sectors reported a relatively quiet start to 2015,” Geraldine Kilkelly, chief economist at the FLA, said. “However, our latest research suggests that UK gross consumer credit will grow by about 7 per cent in 2015 as a whole.”
New consumer credit lending
