Figures released by the Finance & Leasing Association (FLA) show that new consumer finance grew by 19% in March, compared with the same month last year, and was up 17% in Q1 of 2014.

Growth in new business extended beyond the point-of-sale market into credit card finance and personal loans, with an increase in these two sectors of 12% in March, and a 10% rise in Q1 this year.

Second mortgages totalled £49m in March, a 40% rise year-on-year. The three months to March say second mortgages total £137m, a 47% increase on the same period on 2013.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “First quarter results show strong performances across the consumer finance sector. Responsibly-provided credit has supported the economic recovery and will be an important factor in sustaining it as household incomes improve.”