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Consumers in South Korea spent 172 trillion won (US$166.7 billion or 111.6 billion euros) with their credit cards during the first seven months of 2008, up 21% from 142 trillion won during the same period last year, according to the Korean Credit Finance Association. In July, consumers in South Korean spent 26 trillion won with credit cards, up 23% from 21.1 trillion won in July 2007, the group says. Association officials offered no immediate comment to CardLine Global, but reports in Korean media suggest the main reason for the spending increases is rising prices for consumer goods. The Bank of Korea says the country has 91.5 million credit cards on issue.
