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Bank Claim: Consumer credit falls

The amount of credit being borrowed by consumers has lowered after the financial crisis, according to new figures published by the Finance & Leasing Association (FLA).

Consumer credit lending fell by one per cent in July to £4,157 million for the month. The two biggest contributors were credit cards and personal loans, and car finance.

The government should be wary of this precarious situation and possibly shrinking the market further when drawing up any new regulatory measures, said Fiona Hoyle, head of consumer finance at the FLA.

Currently, the government is examining the regulation of the entire financial sector. The FLA warned that attributing risk entirely to the lender will prevent many small businesses from providing credit, leading to "serious consequences for the size and diversity of lenders".

"Consumers are cautious about spending on the high street," Ms Hoyle stated. They look to focus their financial outlay on their homes, cars and debts.

The FLA was established in 1992 and represents banks, building societies and credit-lending retailers.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800740962-ADNFCR

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