There was a 76 per cent drop in secured loans taken out in March 2009, compared to March 2008. Credit card spending dropped by 3 per cent in the same period. But there was a 24 per cent increase in the use of in-store credit between March 2008 and March 2009, to £230m. The figures increased by 9 per cent on a year-on-year basis.
"Overall, consumer finance is still being hit by the downturn. Retailers and lenders have been offering attractive interest-free credit and deferred payment deals on store instalment credit.”
Source: Retail Bulletin
Image: Harrods store card