New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year.
The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal loan new business together fell by 5%. Second charge mortgage new business grew by 23% over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist, said:
“The consumer finance market reported a modest fall in new business of 1% in the first five months of 2019 compared with the same period in 2018.
“We continue to expect low single-digit new business growth in 2019 as a whole, with consumer confidence about their own personal finances remaining relatively upbeat.”
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