Consumer finance new business grew by 3% in February 2024

 New figures released today 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.” 

Table 1: New consumer credit lending

Note to editors:

1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
2. In 2023, FLA members provided £151 billion of new finance to UK businesses and households. £113 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK in 2023.
3. Consumer car finance reported in these figures refers to finance obtained through the point of sale.
4. For media enquiries, please contact the FLA press office on 020 7420 9656.