The latest figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in January, compared with the same month in 2016.
Credit card and personal loan new business together grew by 11% compared with January 2016, while retail store and online credit new business increased by 1%. Second charge mortgage new business fell 6% by value and 11% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“There was new business growth across most of the main consumer finance products in January, suggesting that consumer confidence remained relatively robust at the start of 2017.
“The latest research from Oxford Economics on behalf of the FLA shows that total new consumer credit in the UK is expected to grow by 1.4% in 2017 as a whole, a more modest rate than in recent years.”Excel consumer finance summary
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