Uk Consumer Credit Industry Key Trends and Opportunities to 2018 Share

Most up-to-date research on "Consumer Credit in the UK - Key Trends and Opportunities to 2018" to its huge collection of research reports.

Synopsis

This report provides market analysis, information and insights into the UK consumer credit industry

It provides a breakdown of the different forms of consumer credit in the UK

It analyzes drivers and the outlook for the market

It provides information on the main banks in the UK market

It covers news and regulatory developments

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Executive summary

Consumer credit increased throughout 2014, as economic recovery gained momentum

Consumer credit growth has shown consistent signs of growth in 2014, for the first time since before the financial crisis. This is in a large part due to consumer confidence also recording a positive number for the first time since the credit crunch, low interest rates and a steadily growing GDP, as nearly every category of lending has grown up to July 2014.Demand for and availability of credit also grew in both the second and third quarters of 2014, which has been a key factor.

Record-low interest rates on personal loans driving other loans and advancements category

HSBC became the first lender to break the 5% interest rate barrier for its GBP7,500–15,000 personal loan, which launched a price war between mainstream lenders, as each bank or building society tried to get to the top of the comparison tables. Tesco lowered its interest rates soon after, and Sainsbury’s raised its upper limit to GBP 35,000 in October – a record high personal loan. This means that lending is cheaper than ever for consumers, which has unsurprisingly given the industry a huge boost. The personal loan category was hit harder than any other in the aftermath of the financial crisis, and the stock of personal loans remains over GBP30.0 billion below its...