Credit card spending topped over a record W300 trillion for the first time last year (US$1=W1,293). The figure is an 18 percent increase compared to the year before.

The Credit Finance Association says the jump is due mainly to the growing preference of cards as a payment method and a surge in the amount of nominal spending triggered by higher prices.

However, the rate of growth in using credit cards dropped in the fourth quarter as the financial crisis began hitting the real economy.

Industry watchers predict this year's card use will rise modestly as a result of conservative management by card companies and the sluggish economy.

Arirang News