South Korea’s plastic card spending maintained a stagnant growth in June as card holders continued to hold back their purchasing amid the economic slowdown, a trade association said Tuesday.
Purchases made with plastic cards totaled 44.5 trillion won ($39.7 billion) last month, up 4.1 percent from 42.7 trillion won tallied a year earlier, according to the data by the Credit Finance Association.
The country’s card spending growth sank to an all-time low in February, growing 3.4 percent on-year. It edged up 3.6 percent on-year in May.
The combined transactions made with plastics also came to 135.9 trillion won over the second quarter this year, up 4.1 percent from a year earlier. It marked the slowest quarterly growth since CREFIA started to compile such data.
The association said the slowdown came as consumers refrained from making purchases with plastics amid the protracted economic slowdown and card firms reduced benefits in line with the government’s move to tighten credit card regulations to reduce the country’s mounting household debt. (Yonhap News)
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