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Rise in consumer credit

Rise in consumer credit

Category: Credit cards

Updated: 14/09/2012
First Published: 14/09/2012

MONEYFACTS ARCHIVE
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High street consumer credit enjoyed growth in almost all areas in July, according to the Finance & Leasing Association (FLA).

The store instalment credit market led the growth, rising by 33% in July compared with a year earlier, while car finance was up by 28%.

Second-charge mortgages witnessed 11% growth, while credit cards and personal loans rose by 2% over the same period. A 10% rise in credit provided by FLA members was recorded overall, with only the store card market reporting a fall in credit spending.

Commenting on the figures, Fiona Hoyle, head of Consumer Finance at the FLA, said: "These figures show the importance of high street credit, whether provided by large retail chains or smaller independent stores, in helping consumers access the goods and services they require.

"The Government will soon be taking decisions on a proposed new regulatory regime for consumer credit, and must ensure that high street businesses can grow and deliver consumer choice."

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