The consumer credit markets continue to reflect current economic conditions, according to the Finance and Leasing Association (FLA).

Consumer finance provided by FLA members was down 12% in total in October compared to the same month in 2008.

Store instalment credit was down 4%, whereas secured loans were down 49% in October. The consumer credit market is down 17% in total in the last 12 months in comparison to the 12 months preceding October 2008.

The FLA’s head of consumer finance, Fiona Hoyle, said: “Our figures show that consumer credit providers continue to face a tough market. The biggest challenges for lenders in 2010 will be accessing affordable