Finance & Leasing AssociationNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2024 by 3% compared with the same month in 2023. In the first two months of 2024, new business was also 3% higher than in the same period in 2023.
The credit card and personal loans sectors together reported new business up in February by 5% compared with the same month in 2023, while the retail store and online credit sector reported new business 8% lower over the same period.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:
“The first couple of months of this year has seen further growth in new business provided via credit card and personal loans and our latest research suggests these sectors will continue to support consumer spending in 2024 as a whole. The value of new consumer credit in the UK is expected to grow by 4% in 2024, with the credit card market also forecast to grow by 4% over that period.
“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”
For more information e-mail research@fla.org.uk
