6 April 2018
New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in February, compared with the same month last year.
Credit card and personal loan new business together grew by 10%, compared with February 2017, while retail store and online credit new business increased by 9% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The latest figures reflect the recent general improvement in consumer confidence. Real earnings have begun to grow again as consumer price inflation has slowed, which has contributed to consumers feeling more confident about their own finances and spending.”
Table 1: New consumer credit lending
|
Feb 2018 |
% change on prev. year |
3 months to Feb 2018 |
% change on prev. year |
12 months to Feb 2018 |
% change on prev. year |
|
|
Total FLA consumer finance (£m) |
7,193 |
+10 |
23,010 |
+8 |
97,845 |
+7 |
|
Data extracts: |
||||||
|
Retail store and online credit (£m) |
626 |
+9 |
2,335 |
+12 |
9,110 |
+9 |
|
Credit cards & personal loans (£m) |
3,865 |
+10 |
12,495 |
+7 |
48,740 |
+7 |
|
Second charge mortgages (£m) |
81 |
+4 |
233 |
+5 |
1,032 |
+17 |
|
Car finance (£m) |
2,333 |
+13 |
7,118 |
+8 |
34,801 |
+7 |
Note to editors:
- FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
- In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.
- For media enquiries, please contact the FLA press office on 020 7420 9656.