S. Korea`s credit card spending up 20 pct in Jan.

SEOUL, Feb. 4 (Yonhap) -- South Korea's credit card spending soared more than 20
percent in January from a year earlier as consumers ratcheted up spending on
growing optimism about the economy, data released by a trade association showed
Thursday.
Local spending through the plastic money expanded 20.22 percent on-year last
month to 29.6 trillion won (US$25.6 billion), according to the data by the Credit
Finance Association of Korea.
January was the second month the credit card spending has risen in the 20 percent
range, bringing the spending growth to the pre-crisis level.
The card spending increased only 5.59 percent on-year in the January-March period
last year as the global economic downturn prompted consumers to tighten purse
strings.
It has gradually gained traction to rise 15.96 percent in the fourth quarter of
last year as the economy showed signs of a rebound.
The association said the January growth came as rising consumer prices pushed up
credit card bills and a low base last year made the January rise bigger.
pbr@yna.co.kr
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