Economists say new figures on personal lending indicate greater consumer confidence.

The Reserve Bank says personal credit jumped by 1.5 per cent in January.

The level of borrowing for housing increased only slightly as home owners took in last year's interest rate hikes.

CommSec chief equities economist Martin Arnold says the figures show consumers are still willing to go into debt.

"It is certainly encouraging for the economy," he said.

"We've seen some good results coming from consumers lately so it's possibly the start of a recovery in consumer spending."