Consumer finance new business grows by 4% in July

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year.

Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “In July, consumer finance new business overall grew for the first time since February 2019.

“We expect new business in 2019 as a whole to be at a similar level to 2018 as consumer confidence continues to be buoyed by a robust labour market and low interest rates.”