S. Korean card spending rises 9.44 pct in Oct.

SEOUL, Nov. 5 (Yonhap) -- The growth of credit card spending in South Korea slowed in October due to the shortened number working days for the month because of the annual fall harvest holiday, an industry association said Thursday.

Spending via credit cards, excluding cash advances, amounted to 28.4 trillion won
(US$24.1 billion) last month, up 9.44 percent from a year earlier, according to
the Credit Finance Association. The October figure slowed from a 14.7 percent
on-year advance in September.
"Consumer sentiment improved and tax benefits from car purchases prompted people
to expand the use of credit cards from the previous year," an official at the
association said.
But growth in credit card bills slowed mainly because of the "Chuseok" fall
harvest holiday that fell in October of this year, he added.
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, credit card spending has begun
to grow, pointing to a pick-up in domestic demand.
The Korean economy grew 2.9 percent in the third quarter from three months
earlier, the fastest expansion in more than seven years, on improving domestic
demand and robust exports.
sooyeon@yna.co.kr
(END)