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Consumer finance rises in 2015

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Consumer finance growth rose by 9% in September 2015, compared to the same month last year, new figures released by the Finance & Leasing Association (FLA) show.

Retail store and online credit grew by 4% in September compared to last year, while personal loans and credit cards also rose by 4%. New business in second-charge mortgages grew by 22% over the same period.

Further findings on consumer credit lending from FLA members show:

  • Credit cards and personal loans reached £3,384 million in September
  • car finance rose by 15% in September this year
  • total consumer finance growth from FLA members grew by 9% to £8,074 million.

FLA members in the consumer finance sector include banks, credit card providers, second-charge mortgage lenders and personal loans. In 2014, FLA members accounted for £74 billion of new consumer credit.

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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