Card spending in S. Korea falls for 2nd month

SEOUL, Dec. 5 (Yonhap) -- Credit card spending in South Korea declined in
November from a month earlier amid a deepening economic slump, an industry
association said Friday.
Spending via credit cards, excluding cash advance services, amounted to 25.03
trillion won (US$16.9 billion) last month, down 3.5 percent, or 910 billion won,
from the previous month, according to the Credit Finance Association.
Credit card spending in October also fell 20 billion won from the previous month,
it said.
"Card spending in November increased smaller than a month earlier because
consumers are tightening their belts amid the economic slump," said an official
at the association.
In the first eleven months of the year, credit card spending totaled 273.75
trillion won. Last year's credit card spending reached 254.8 trillion won, up 15
percent from a year earlier, the highest figure since 2003 when the data was
first tallied.
The South Korean economy, which grew 0.5 percent in the July-September period,
the lowest in four years, is set to face a further decline down the road, as
exports and domestic demand are falling at a faster than expected pace.
sam@yna.co.kr
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