According to national news in October spending from credit cards increased in a few months while Koreans focused on spending precious time with their loved ones instead f shopping. Korea’s Credit Finance Association said that slightly “under 28.3 trillion” had took the lead while another 23.9 billion dollars were spent during October on card purchases.
Because of some tax, benefits offered by the government people went on a shopping spree once more. Not so long ago people were refusing to spend money during the recession. While the recession is still going on people are freer now to spend because they are relying on new government laws to bring them out of the recession.
About five months ago, it appeared we were heading toward another Great Depression, but now everyone is hoping on a new era to help him or her survive these drastic days.
According to the news due to automobile sales and the tax benefits Korean’s began charging their new car payments to their credit cards. During October, “1.2 trillion” dollars were spent on vehicle purchases made from credit cards. Will this spending lead to bigger problems, or is it a new way to get a new car without paying in advance or getting bank loans.
