New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in November, compared with the same month in 2017.
Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%. Second charge mortgage new business increased 21% by value and volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The consumer finance market reported modest growth in November reflecting subdued consumer confidence in the run up to Christmas.
“The latest figures suggest single-digit new business growth in 2018 as a whole.”
Credit card debt and the cost of borrowing are on the rise
Credit cards are getting more expensive according to new data released by Moneyfacts which revealed that credit card borrowing is rising by around £3 billion year-on-year and £318 million of debt on plastic was written off in the first quarter of 2018.