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The number of credit cards held by Koreans fell last year due to stricter government regulations on credit card issuances, along with restructuring efforts at credit card companies.
The Financial Supervisory Commission says in 2004, the average Korean owned between three to four credit cards. The figure is down by one card from 2002, when a record 1.5 million credit cards were issued as companies competed with one another to attract more customers under eased restrictions.
This caused a surge in the number of credit delinquents, forcing the government to adopt bailout programs and restructure the country's card companies.
Arirang TV
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