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Commercial Credit News
|Consumer finance up 9% in September|
|Thursday, 05 November 2015|
New figures released today by the Finance & Leasing Association (FLA) show 9% growth in consumer finance new business in September, compared with the same month last year.
Retail store and online credit grew by 4% compared with September 2014, while credit card and personal loan new business together increased by 4% over the same period.
Second charge mortgage new business increased 22% by value in September, while the number of new second charge mortgages fell by 7% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “September saw growth across all of the main finance products as consumer confidence remained relatively strong. Consumer finance new business provided by FLA members grew by 7% in the first nine months of 2015, in line with our expectations for growth in UK new consumer credit in 2015 as a whole.”
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