Consumer credit sales down in February
Wednesday 20th April 2011
The latest figures from the Finance & Leasing Association show that sales of consumer credit through high street retailers were slow in February, a traditionally quiet month.
Total consumer credit granted fell by 6% to just under £3.5billion in February compared with February 2010.
The slow down reported on the high street was reflected in lending values reported by FLA members figures.
Sales on store cards fell by 24% and store instalment credit was down 22% compared with the year before.
It is clear from the figures that consumer confidence remains low, but lenders will be hoping that a fall in inflation and a possible delay to Bank interest rate rises will revive the market.
Fiona Hoyle, FLA Head of Consumer Finance, said: "It's been a long winter of high inflation and low wage growth meaning that consumers have less to spend. February is traditionally quiet after the new year sales period, but they show that some parts of the market have been slow to pick up."
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