Loan Growth Continues | Cheap Loans News

Loan Growth Continues January 15th, 2013

Despite the fact that many people are cutting back on their finances and spending at the moment, due to the state of the UK economy and it has become more difficult to obtain a personal loan, even for people with a good credit rating, the number of unsecured loans and credit being taken out has continued to increase.

Even with people cutting back and making extra efforts to repay their personal unsecured loan debts and credit cards, year on year borrowing on consumer credit has increased according to the latest figures.

According to the latest statistics from the Finance and Leasing Association (FLA), the amount of borrowing on consumer credit in the UK, which includes unsecured loans, credit cards and overdrafts, saw an increase of around 6 per cent for the month of November last year, compared with the same period twelve months earlier.

Within these figures, there has been a significant reduction in the use of store cards, as well as a drop in the amount being borrowed on credit cards and unsecured loans. However, at the same time, there has been an increased use of instalment credit loans, second mortgages or secured loans and car loans and car finance.

Fiona Hoyle of the FLA said ?The strongest growth we are seeing is in instalment credit and car loans and finance, suggesting that consumers are taking advantage of the good finance deals currently on offer.?

?The figures show just how important the sector is to consumers and the economy in general. The government?s new regulatory system for consumer credit needs to take account of this and ensure that the market is supported and not undermined.?

Source: http://www.cheaploans.co.uk/news/loan-growth-continues-1177.html

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