Latest data from the Finance & Leasing Association (FLA) show a 6% increase in consumer finance new business in November 2013, compared with the same month in 2012.

The second charge mortgage market reported that new agreements were up by 16%.

Meanwhile, retail store instalment credit and the point-of-sale car finance market recorded new business growth of 10% and 19% respectively.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “These latest figures show how point-of-sale credit continues to be a popular option for consumers. It is helping to support a sustained economic recovery in the UK.

“We have seen steady growth in overall consumer finance new business in recent months, amounting to 5% over the 12 months to November.”