Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in November 2019 by 2% compared with the same month in 2018, and held steady in the eleven months to November 2019.
Credit card and personal loan new business together grew in November 2019 by 2% compared with the same month in 2018, while retail store and online credit new business fell by 1%.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The modest growth in consumer finance new business provided by FLA members in November was consistent with a slowdown in retail sales growth and subdued consumer confidence more widely in the final quarter of 2019.”
“Recent survey data points to a pick-up in consumer confidence following the General Election result which, if sustained, will support single-digit growth in new consumer credit in 2020.”
Table 1: New consumer credit lending
|
Nov 2019 |
% change on prev. year |
3 months to Nov 2019 |
% change on prev. year |
12 months to Nov2019 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
8,634 |
2 |
27,191 |
3 |
103,612 |
1 |
|
|
|
|
|
|
|
|
| Data extracts: |
|
|
|
|
|
|
| Retail store and online credit (£m) |
995 |
-1 |
2,552 |
1 |
8,749 |
1 |
| Credit cards & personal loans (£m) |
4,420 |
2 |
13,193 |
2 |
51,802 |
-1 |
| Second charge mortgages (£m) |
116 |
17 |
338 |
16 |
1,238 |
16 |
| Car finance (£m) |
2,783 |
1 |
10,051 |
2 |
37,648 |
2 |
