The latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 10% compared with the same month last year.
Credit card and personal loan new business together grew by 9% compared with August 2017, while retail store and online credit new business increased by 7%. Second charge mortgage new business fell 2% by value and grew 6% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Growth in consumer finance new business in August reflected a strong retail sales performance over the same period. In particular, the value of retail sales made by household goods stores grew at its strongest monthly rate for more than a decade.”Excel consumer finance summary
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