The FLA figures revealed that the total amount of lending carried out by its members dropped to £4.58 billion over that month – a 6 per cent fall compared to the same period in 2009. Lending was lower across the board, with only a slight 2 per cent increase in the amount borrowed by consumers for car finance, bringing the total to £1.49 billion.
The biggest drop in borrowing was seen in the high street, where there was a significant 23 per cent fall in the amount of store credit borrowed to just £155 million. The amount borrowed on store cards also fell by 22 per cent to £160 million.
There was an 11 per cent drop in the amount of people taking out a second mortgage, with the total amount falling to £24 million.
The amount of borrowing taking place on credit cards also fell in September, by 8 per cent. However, it still remained the largest single area of lending by FLA members, representing £2.25 billion.
There was a more modest fall in the number of people taking out unsecured personal loans from FLA members, with the figures dropping 5 per cent to £205 million.
The association’s head of consumer finance Fiona Hoyle commented: “The new figures show that consumers continue to take a cautious approach to spending, with a decline in the amount of credit granted almost across the board.”
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