Seconds lending up 26pc

In the 12 months to December the FLA recorded 597 new seconds cases, which represents a 29% increase from the 12 months to December 2013.

Geraldine Kilkelly, head of research and chief economist at the FLA, 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.”