Consumer finance new business grows by 2% in November 2019

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew in November 2019 by 2% compared with the same month in 2018, and held steady in the eleven months to November 2019.

Credit card and personal loan new business together grew in November 2019 by 2% compared with the same month in 2018, while retail store and online credit new business fell by 1%.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The modest growth in consumer finance new business provided by FLA members in November was consistent with a slowdown in retail sales growth and subdued consumer confidence more widely in the final quarter of 2019.

“Recent survey data points to a pick-up in consumer confidence following the General Election result which, if sustained, will support single-digit growth in new consumer credit in 2020.”