Credit, collections & insolvency news
New figures released today by the Finance & Leasing Association (FLA) show growth of 16% in consumer finance new business in August, compared with the same month last year.
Credit card and personal loan new business together grew by 17% compared with August 2015, while retail store and online credit new business increased by 6% over the same period.
The second charge mortgage market reported new business up 6% by value and volume in August, compared with the same month last year.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said After a quiet July, all of the main consumer finance products reported new business growth in August, reflecting continued consumer confidence in the general economic outlook. Second charge mortgage new business volumes grew for the first time since February, following the market’s transfer to the FCA’s mortgage regime in March.”
Table: New consumer credit lending
|
|
Aug 2016 |
% change on prev. year |
3 months to Aug 2016 |
% change on prev. year |
12 months to Aug 2016 |
% change on prev. year |
|
Total FLA consumer finance (£m) |
6,836 |
+16 |
20,733 |
+6 |
86,230 |
+10 |
|
|
|
|
|
|
|
|
|
Data extracts: |
|
|
|
|
|
|
|
Retail store and online credit (£m) |
478 |
+6 |
1,513 |
+1 |
6,679 |
+3 |
|
Credit cards & personal loans (£m) |
3,865 |
+17 |
10,901 |
+6 |
43,861 |
+8 |
|
Second charge mortgages (£m) |
73 |
+6 |
216 |
-1 |
889 |
+17 |
|
Car finance (£m) |
1,991 |
+17 |
6,944 |
+9 |
30,805 |
+15 |
