Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year.
The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal loan new business together fell by 5%. Second charge mortgage new business grew by 23% over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist, said “The consumer finance market reported a modest fall in new business of 1% in the first five months of 2019 compared with the same period in 2018.”
“We continue to expect low single-digit new business growth in 2019 as a whole, with consumer confidence about their own personal finances remaining relatively upbeat.”
Table 1: New consumer credit lending
|
May 2019 |
% change on prev. year |
3 months to May 2019 |
% change on prev. year |
12 months to May2019 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
8,873 |
-2 |
27,824 |
-1 |
102,990 |
+3 |
|
|
|
|
|
|
|
|
| Data extracts: |
|
|
|
|
|
|
| Retail store and online credit (£m) |
722 |
+2 |
2,079 |
+3 |
8,703 |
+4 |
| Credit cards & personal loans (£m) |
4,521 |
-5 |
13,014 |
-4 |
51,708 |
+2 |
| Second charge mortgages (£m) |
108 |
+23 |
315 |
+22 |
1,152 |
+12 |
| Car finance (£m) |
3,154 |
-1 |
11,316 |
0 |
37,330 |
+4 |