Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in October 2023 was at a similar level to the same month in 2022. In the ten months to October 2023, new business was 3% lower than in the same period in 2022.
The credit card and personal loans sectors together reported new business up by 2% compared with the same month in 2022, while the retail store and online credit sector reported a fall in new business of 4% over the same period.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said “October saw the consumer finance market represented by FLA members hold steady, with a continuation of trends in the individual sectors seen in much of 2023 so far.”
“FLA’s latest research suggests that the value of new consumer credit in the UK is expected to grow by 2.3% in 2024, with the credit card market forecast to grow by 2.0% over that period.”
New consumer credit lending
|
Oct 2023 |
% change on prev. year |
3 months to Oct2023 |
% change on prev. year |
12 months to Oct2023 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
9,601 |
0 |
28,848 |
-3 |
113,711 |
-3 |
| Data extracts: |
|
|
|
|
|
|
| Retail store and online credit (£m) |
898 |
-4 |
2,406 |
-2 |
9,968 |
2 |
| Credit cards & personal loans (£m) |
4,970 |
2 |
14,699 |
-3 |
58,651 |
-3 |
| Second charge mortgages (£m) |
122 |
-15 |
351 |
-20 |
1,393 |
-10 |
| Car finance (£m) |
3,218 |
-2 |
10,074 |
-3 |
39,223 |
-5 |