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FLA credit increases to £5.1bn

THE trade body for the consumer credit industry said funds provided by its members grew by 5% year-on-year in September to £5.1 billion.

Those in The Finance & Leasing Association (FLA) represent around 30% of the UK consumer credit market.

September showed growth in store instalment credit of 34% to £1.5bn with new car finance provided through dealerships increasing to £210 million.

However, credit card finance and personal loans contracted for the second month in a row and was 7% lower at £2.5bn.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: "These statistics from our members demonstrate the important role that flexible finance is playing in supporting the UK economy."

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