The Finance & Leasing Association (FLA) have released news figures showing that consumer finance new business in July was at a similar level to the same month last year. Credit card and personal loan new business together fell by 1% compared with July 2015, while new business in the second charge mortgage market was down 9% by value and 18% by volume over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “FLA consumer finance new business grew by 10% in the first seven months of 2016, despite a relatively quiet month in July. The FLA’s latest research carried out by Oxford Economics suggests that new UK consumer credit will be broadly stable in 2017. Maintaining consumer confidence will remain a key task for the Government, the Bank of England and other public bodies in the coming months.”