S. Korean card spending rises 14.7 pct in Sept.

SEOUL, Oct. 8 (Yonhap) -- South Koreans' credit card spending in September rose
at the fastest pace this year, an industry association said Thursday,
underpinning signs of an economic recovery.
Spending via credit cards, excluding cash advance services, amounted to 29.8
trillion won (US$25.4 billion) last month, up 14.7 percent from a year earlier,
according to the Credit Finance Association.
September's card bills accelerated from a 10.9 percent on-year advance in August
and the growth rate marked the steepest pace this year, it added.
"Amid growing prospects for an economic recovery, card spending grew at a
double-digit pace for the second straight month in September as sales of cars
increased, helped by tax incentives," said an official at the association.
The on-year growth of Koreans' card spending had slowed since people curtailed
the use of the plastic money, hit by the economic slump sparked by the collapse
of Lehman Brothers.
But as signs of an economic rebound are emerging, spending via credit cards has
begun to grow, pointing to a pick-up in domestic demand.
The Korean economy, Asia's fourth-largest, expanded 2.6 percent in the second
quarter from three months earlier on the back of economic stimulus packages.
sooyeon@yna.co.kr
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