Modest growth in consumer credit

New figures released by the Finance & Leasing Association (FLA) highlight  the importance of point of sale credit for consumers, including in the motor finance sector where new business has grown 19% in the first quarter of this year.

Commenting on the figures, Fiona Hoyle, Head of Consumer Credit at the FLA, said: "The statistics show that consumers are continuing to use credit for everyday purchases like sofas, fridges, kitchens and cars.  But we know that trading conditions in the High Street remain challenging.
 
"This makes it more vital than ever that the Government's proposed transfer of consumer credit regulation to the Financial Conduct Authority takes place on a sensible timetable, to ensure that consumers can continue to access credit when they need it and remain well protected."