The Finance & Leasing Association (FLA) has reported growth of 11% in consumer finance new business in January, compared with the same month last year.

The second charge mortgage market reported new business up 36% by value and 17% by volume over the same period. the FLA said £75 in second charges were written in January.

Credit card and personal loan new business together grew by 9% compared with January 2015, while retail store and online credit increased by 1%.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “January saw growth across all of the main consumer finance products. Consumer confidence remains high with household spending expected to be the main driver of economic growth again this year.”