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Commercial Credit News
|Consumer finance up 7% in October|
|Friday, 11 December 2015|
New figures released today by the Finance & Leasing Association (FLA) show 7% growth in consumer finance new business in October, compared with the same month last year.
Retail store and online credit was up 3% compared with October 2014, while credit card and personal loan new business together increased by 5%. Second charge mortgage new business was up 38% by value and 15% by volume over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “FLA consumer finance providers have reported steady growth in new business since July. Our latest research suggest that UK new consumer credit will grow by 10% in 2015 as a whole, with growth slowing to around 4% in 2016.”
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