South Korea’s credit card spending

South Korea’s credit card spending slipped 1.5 percent in November from a month earlier due mainly to a smaller number of working days, a trade group said Wednesday.

Purchases made with credit cards totaled 39.3 trillion won (US$ 33.9 billion) in November, compared with 39.9 trillion won in the previous month, according to the Credit Finance Association (CFA).

The data includes spending by credit cards as well as debit and prepaid cards. Cash advances, overseas spending and card loans were not included.

The CFA attributed the fall to a shorter month, adding credit card spending rose around 1.8 percent when applying the same number of working days.

The group also said sharp gains in credit card spending are unlikely for the time being amid a slowdown in private spending and policy efforts to curb the industry’s growth.

On Monday, the Financial Services Commission announced measures to reinforce control over credit card issuance as part of broader action to rein in the country’s high household debt.

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