Consumer finance new business up in January

New figures released today by the Finance & Leasing Association (FLA) show growth of 12% in consumer finance new business in January, compared with the same month last year.

Credit card and personal loan new business together grew by 12% compared with January 2017, while retail store and online credit new business increased by 13% over the same period.

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

“The performance of the consumer finance market in January reflects a resilient household sector. Despite the squeeze on real earnings from higher inflation, consumer confidence about the outlook for their own finances and spending has held up. The labour market remains robust, with record levels of employment and a pick-up in earnings growth.”

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 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.