Credit Card Transactions Soar in January

There were more credit card transactions in January than at any time in the previous 14 months. Approved credit card transactions for January were worth W46.99 trillion (US$1=W1,072), up nine percent from a year ago, the Credit Finance Association said Tuesday.

It added that recovering consumption has been felt since the fourth quarter of last year and seems to have strengthened this year.

It remains to be seen whether the recovery is really sustained as the typically spendthrift lunar New Year's holidays fell in January this year.

A 27.4-percent hike in transactions for holiday gifts and goods for ancestral rites and a 50-percent increase in agriculture and meat produce reflect this concern.

englishnews@chosun.com / Mar. 05, 2014 12:33 KST