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FLA: Credit and loan claims realise annual growth in July

Brits made more credit card charges and personal loan claims in July 2012 than they did over the same month in 2011, data from the Finance & Leasing Association (FLA) has revealed.

According to its consumer lending figures, there was a two per cent growth in the amount lent to people through credit cards and personal loans during the month when compared with July 2011.

Furthermore, there was an 11 per cent annual increase in the credit lent through second-charge mortgages, while store instalment credit jumped by 33 per cent and car finance by 28 per cent.

M&S Money recently recommended that people buying a new car should check borrowing costs and rates when singing up for finance with the vehicle trader.

"The government will soon be taking decisions on a proposed new regulatory regime for consumer credit and must ensure that high street businesses can grow and deliver consumer choice," FLA head of consumer finance Fiona Hoyle said.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801448839-ADNFCR

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