The Finance & Leasing Association (FLA) has released figures that consumer finance new business provided by FLA members grew by 7% in December, compared with the same month in 2013, and by 9% in 2014 as a whole.

Second charge mortgage new business was up 26% by value in December and 29% higher in 2014 overall, compared with 2013. The number of new second charge mortgages grew 1% in December and by 9% in 2014 as a whole.

Retail store and online credit was up by 7% in December, and up 8% overall last year.

Geraldine Kilkelly, FLA’s head of research and chief economist, said: “Responsibly-provided credit has played an important role in helping consumers make essential household purchases over the last year.

“Our research suggests that consumer credit will continue to grow in 2015, by between 3-4%. Together with a recovery in household disposable incomes, this will help support economic growth in 2015.”