Latest Consumer Finance Statistics

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in February 2021 by 26% compared with the same month in 2020.

The retail store and online credit sector reported a fall in new business of 6% in February compared with same month in 2020.  The credit card and personal loan sectors together reported a fall in new business of 30% over the same period.

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

“The lockdown restrictions over the winter months contributed to a fall in consumer finance new business overall of more than a quarter, with the credit card and personal loans sectors some of the hardest hit.   

“As the economy begins to re-open and consumer confidence improves, we expect to see a strong rebound in many of the consumer finance sectors. Annual new consumer credit overall in the UK is expected to return to its pre-pandemic level in 2022.”

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