Consumer credit lending was down by 1% in July, retail store credit was down by 13% and credit cards and personal loans by 2% compared with July 2010.
Second-charge mortgages were 8% up on the previous July, but from a very low base.
Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said:
"Consumers are cautious about spending on the High Street. When they do decide to borrow, they focus on essential expenditure like buying a car, carrying out home improvements and debt consolidation."
"In considering a new regulatory regime for consumer credit, the Government needs to be careful to avoid shrinking the market further, for example by applying rules more suited to the deposit markets."
New consumer credit lending, July 2011:
Total FLA consumer finance (£m)
- Jul 11: 4,157
- change on prev. year: -1%
- 3 months to Jul 2011: 12,840
- change on prev. year: 0%
- 12 months to Jul 2011: 51,204
- % change on prev. year: -2%
Store cards (£m)
- Jul 11: 140
- change on prev. year: -12%
- 3 months to Jul 2011: 455
- change on prev. year: -11%
- 12 months to Jul 2011: 1,837
- % change on prev. year: -21%
Credit cards & personal loans (£m)
- Jul 11: 2,687
- change on prev. year: -2%
- 3 months to Jul 2011: 8,143
- change on prev. year: -1%
- 12 months to Jul 2011: 32,393
- % change on prev. year: -3%
Second mortgages (£m)
- Jul 11: 28
- change on prev. year: +8%
- 3 months to Jul 2011: 78
- change on prev. year: +11%
- 12 months to Jul 2011: 284
- % change on prev. year: -10%
