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Lending on the up as consumers risk loan charges

Consumer credit lending continued to indicate a steady growth towards the end of last year, as new figures were up six per cent in November 2012 when compared to the same period 12 months prior.

The Finance and Leasing Association found that car finance increased by the largest margin, with a 25 per cent growth on the previous year, while store instalment cards were up 12 per cent and second mortgages increased 11 per cent.

However, store cards were down eight per cent and credit cards and personal loans fell by just a single percentage point.

This is good news for the economy, as it shows businesses are becoming more confident in providing consumers with credit, but it does mean there is an increased risk of Britons being hit by loan charges.

"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," said Fiona Hoyle, head of consumer finance at the FLA.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801520909-ADNFCR

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