January 2018 saw a growth in the consumer finance new business market, with an increase of 12 per cent compared to the same month last year, according to the Finance & Leasing Association (FLA), resulting in a recorded £8,212m being lent.
Furthermore, the credit card and personal loan new business grew by 12 per cent, whilst retail store and online credit new business increased by 13 per cent in January 2018m, increasing to £4,442m and £677m respectively.
Car finance also experienced significant growth compared to January 2017 with £2,711m being lent, an increase of 13 per cent.
Commenting on the figures, FLA head of research and chief economist Geraldine Kilkelly said: “The performance of the consumer finance market in January reflects a resilient household sector. Despite the squeeze on real earnings from higher inflation, consumer confidence about the outlook for their own finances and spending has held up.
“The labour market remains robust, with record levels of employment and a pick-up in earnings growth.”
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