Growth of credit card spending in January slowest in 45 months

Growth of credit card spending has recorded the lowest level for the first time in 45 months, amid a protracted economic slump.

According to the Credit Finance Association Monday, purchases made with credit cards reached 43.1 trillion won (US$39.5 billion) in January, up 6.3 percent from the same period of last year, the slowest pace of growth since March 2009.

The January figure represents a decrease of 9.4 percent from a month earlier.

Despite an increase in the number of people employed and consumer price hikes, growth of credit card spending slowed in January, officials of the association said.

By Ayaka Erin Tobari

Park Sae-jin swatchsjp@ajunews.com