Consumer finance new business held steady in October 2023

7 December 2023

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in October 2023 was at a similar level to the same month in 2022.  In the ten months to October 2023, new business was 3% lower than in the same period in 2022. 

The credit card and personal loans sectors together reported new business up by 2% compared with the same month in 2022, while the retail store and online credit sector reported a fall in new business of 4% over the same period. 

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: 

“October saw the consumer finance market represented by FLA members hold steady, with a continuation of trends in the individual sectors seen in much of 2023 so far. 

“FLA’s latest research suggests that the value of new consumer credit in the UK is expected to grow by 2.3% in 2024, with the credit card market forecast to grow by 2.0% 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


Oct 2023

% change on prev. year

3 months to Oct2023  

% change on prev. year

12 months to Oct2023

% change on prev. year

Total FLA consumer finance (£m)







Data extracts:







Retail store and online credit (£m)







Credit cards & personal loans (£m)







Second charge mortgages (£m)







Car finance (£m)







 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 2022, FLA members provided £151 billion of new finance to UK businesses and households. £116 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2022.
  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.


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