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Thursday, May 27, 2004

(Korean economy) Credit card use diminished 41% from last year

The use of credit cards during the first quarter of 2003 has dimished 41% from the same period of 2003. The number of credit card transactions dimished by 7%, but the number of business establishment accepting credit cards grew by 9%. (Hankyoreh)

The combined monetary value of credit bills (ôûm 어음) and checks decreased by 26% compared to last year.

Perhaps this kind of a decrease is not as clear an indicator of economy as in places where credit cards have not been issued as recklessly as in Korea, as part of it could be seen as normalization of the credit card market, but still this piece of news fits too well with the widespread perceptions of the bad shape of the economy.

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