There was a 7% growth in consumer finance new business in July, according to the Finance & Leasing Association (FLA).

This brings FLA members’ share of the UK consumer credit market to 33.8% in the 12 months to July 2014.

New business in the second charge mortgage market increased by 27% and passed the £50 million mark for the first time since 2008.

Meanwhile, retail store and online credit grew by 7% in July.

Geraldine Kilkelly, FLA’s head of research and chief economist, said: “The July figures show the continuing importance of consumer credit, and specifically point-of-sale credit, in helping consumers make essential household purchases. Our latest research suggests that new consumer credit in the UK will grow by about 8% this year.”