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Consumer finance up 4% in August PDF Print E-mail
Friday, 06 October 2017
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 4% compared with the same month last year.  

Credit card and personal loan new business together grew by 4% compared with August 2016, while retail store and online credit new business increased by 7%. Second charge mortgage new business increased 25% by value and 11% by volume over the same period.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The modest growth in consumer finance new business overall in August reflects subdued consumer confidence about the general economic outlook.

“New business grew by 6% in the first eight months of this year, which is in line with single-digit growth expectations for UK new consumer credit in 2017 as a whole.”

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