Consumer lending sees steady growth

The breakdown for different types of consumer credit show reductions in the amount lent on store cards, credit cards and personal loans; and increases in instalment credit, second mortgages and particularly car finance.

Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association said:

"The strongest growth we are seeing is in store instalment credit and car finance suggesting that consumers taking advantage of the good finance deals currently on offer."

"The figures show just how important the sector is to consumers and the economy in general. The Government's new regulatory system for consumer credit needs to take account of this and ensure that this market is supported and not undermined."