New figures released today by the Finance & Leasing Association (FLA) show consumer finance new business in January was at a similar level to the same month in 2018.

 Credit card and personal loan new business together fell in January by 3% compared with the same month in 2018, while retail store and online credit new business fell by 1%. Second charge mortgage new business increased 12% by value and 18% by volume over the same period.

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

 “The consumer finance market has seen new business growth slow in recent months, reflecting consumer concerns about the economic outlook.  

 “Our latest research suggests that UK new consumer credit is likely to grow by 3.0% in 2019 as a whole, down from 5.8% in 2018.”

 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 2018, FLA members provided £137 billion of new finance to UK businesses and households. £104 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2018.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.