Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2024 by 4% compared with the same month in 2023. In the seven months to July 2024, new business in this market held steady compared with the same period in 2023.
The credit card and personal loans sectors together reported new business up in July by 5% compared with the same month in 2023, while the retail store and online credit sector reported a fall in new business of 1% over the same period.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said “The consumer finance market made a positive start to the third quarter of 2024 with modest growth in the value of new business in July. Consumers’ optimism about the outlook for their personal finances and committing to big-ticket purchases has greatly improved in recent months off the back of better news on inflation and interest rates. We expect total UK new consumer credit by value to grow by around 6% in 2024 as a whole.”
New consumer credit lending
|
|
Jul 2024 |
% change on prev. year |
3 months to Jul2024 |
% change on prev. year |
12 months to Jul2024 |
% change on prev. year |
|
Total FLA consumer finance (£m) |
9,863 |
4 |
28,737 |
-2 |
113,097 |
0 |
|
Data extracts: |
|
|
|
|
|
|
|
Retail store and online credit (£m) |
639 |
-1 |
1,973 |
-6 |
8,451 |
-5 |
|
Credit cards & personal loans (£m) |
5,334 |
5 |
15,318 |
-2 |
59,733 |
1 |
|
Second charge mortgages (£m) |
163 |
30 |
450 |
18 |
1,537 |
4 |
|
Car finance (£m) |
3,266 |
2 |
9,705 |
-4 |
38,470 |
-3 |
