New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in January 2025 by 2% compared with the same month in 2024. In the twelve months to January 2025, new business in this market was also 2% higher than in the same period in 2024.

The credit card and personal loans sectors together reported new business in January 1% higher than in the same month in 2024, while the retail store and online credit sector reported new business steady over the same period.

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:

“Consumer finance new business provided by FLA members grew for a second consecutive month in January but at a much slower pace than in the previous month.

“Our latest research suggests that total UK new consumer credit by value will grow by 6% in 2025, with the credit card finance market increasing by 5%, both slightly lower rates of growth than in 2024.

“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”

Source:  FLA