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Credit card finance data 'show increased consumer confidence'

Credit card finance figures suggest consumer confidence is beginning to improve, according to a new study by the Finance and Leasing Association (FLA).

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26 January 2010

Credit card finance data 'show increased consumer confidence' ”

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A study by the association found credit card finance fell at the lowest rate of the last year in November 2009 declining by 2%.

Meanwhile in-store credit grew by 1% in the past 12 months, showing it weathered the economic downturn well.

FLA head of consumer finance, Fiona Hoyle, commented: "The FLA figures show early signs that consumer confidence is returning."

However she warned new regulation of credit providers, affecting the cost and availability of credit, could have an impact on the sustainability of recovery.

The figures also suggested spending increased in the run up to the VAT increase on January 1st.

The VAT level returned to 17.5% from the 15% reduction introduced by chancellor Alistair Darling in December 2008.

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