The latest figures released by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in September, compared with the same month last year. In Q3 2016, new business was also up by 7% compared with the same quarter in 2015.
Credit card and personal loan new business together grew by 8% compared with September 2015, while growth in retail store and online credit new business was flat. New business in the second charge mortgage market grew 4% by value and fell 1% by volume over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Consumer confidence has been relatively robust in recent months, which is reflected by the consumer finance market’s solid performance in the third quarter.
“New business growth of 10% in the first nine months of 2016 was slightly ahead of the FLA’s single-digit growth expectations for 2016 as a whole.”Excel consumer finance summary
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