The secured loan market contracted by 83% in April to £47m compared with a year ago, according to the Finance and Leasing Association.
Unsecured loans dropped by 45% in value over the same period to £292m. Overall, consumer lending by
Credit cards still make up the largest of this total at £2,712m, down 8% on the year and store cards spending fell by 5% to £209m.
The large volume of new consumer credit regulation, both from
Geraldine Kilkelly, head of research and chief economist, said: “These figures show the continued pressure on the consumer credit sector. They reinforce the need for the government to take action to make wholesale credit available, including in the non-bank lending market.
“Without this, the lack of wholesale credit and the torrent of new regulation currently facing the industry pose the real risk that the size of the market will reduce even further, with serious implications for consumers - especially those who are most vulnerable. The government should take full account of this risk in its forthcoming Consumer White Paper. ”
Date: 23rd, June, 2009
ADVICE TO READERS
While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.
Enter your postcode here to find out how much your property is worth, based on Land Registry data.
RSS Feed
Delicious
Digg
reddit
Facebook
StumbleUpon