Growth in credit card spending slows down

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Growth in credit card spending slows down

Growth of Korea’s credit card spending slowed in the third quarter of the year due to the country’s fall harvest holiday, data showed Friday.

Credit card purchases totaled 205.4 trillion won ($181 billion) in the July-September period, up 6.7 percent from the same period a year earlier, according to data from the Credit Finance Association.

The growth figure was lower than a 9 percent on-year increase registered during the previous quarter.

The data includes transactions made with credit, debit and prepaid cards. Cash advances, overseas spending and card loans were excluded.

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