Consumer finance new business grew by 7% in October compared with the same month in 2013, and by 11% in the 12 months to October 2014, the Finance & Leasing Association (FLA) has revealed.

Second charge lending for the month totalled £49m, up 11% on the figure for the the same month last year.

Credit cards and personal loans new business grew by 2% in October compared with October 2013. Retail store and online credit new business grew by 6% in the same period, and point-of-sale car finance by 16%.

Fiona Hoyle, head of consumer finance at the FLA, said: “Consumer finance has played a key role in supporting economic growth, by helping households make essential purchases. Forecasts suggest this will continue in 2015, with gross consumer lending increasing by 3.3% compared with 2014.

“It has been a challenging year, as consumer finance providers got used to a new regulator and a new rulebook, but they have maintained the supply of responsibly-provided credit.”