Credit Card Spending Dips Amid Financial Pinch

      August 27, 2012 11:51

      Credit card spending is at its slowest pace in two and a half years due to sluggish consumption.

      According to the Bank of Korea on Sunday, daily purchases made by plastic averaged W1.5 trillion in the first six months of the year, up a mere 3.3 percent from one year earlier. That is far less than the 8 percent of the second half of 2011 and the lowest since the latter half of 2009, when it was 3.2 percent.

      Meanwhile, as of late June, economically active Koreans held 4.5 credit cards on average, down from 4.9 in the second half of last year.

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