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Increase in consumer finance new business
Consumer finance new business grew by 14% in August when compared to the same month in 2021, according to new figures by the Finance and Leasing Association (FLA).
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
The credit card and personal loan sectors together saw new business increase by 15%, while the retail store and online credit sectors reported business growth of seven percent between August 2021 and 2022.
The FLA’s director of research and chief economist Geraldine Kilkelly said: “The recovery in the consumer finance market continued in August, with growth reported across each of the main finance products.
“Annual consumer finance new business provided by FLA members was seven percent higher than in February 2020, while the value outstanding contracts was at a similar level to pre-pandemic.
“During the coming months when many consumers may be facing increased pressures on their household incomes, the consumer finance industry remains committed to meeting demand and providing targeted support to customers who may need it.
“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”
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