Credit Card "While It Is Convenient .."

One out of ten bank credit card holders has failed to settle the accounts. And one Korean adult on average possesses 3.5 credit cards.

According to the Financial Supervisory Service (FSS) yesterday, as of the end of September, the delayed payment rate of 19 commercial bank credit cards marked 8.6 percent, slightly declined from the end of June (8.9 percent) but sharply increased from the end of last year (7.7 percent).

Considering that the delayed payment rate was 9.1-9.2 percent during July and August when the banks have usually not accounted the results by quarter, the FSS estimated that the banks hold the delayed payment rate of average 9 percent.

In particular, Peace Bank (14.7 percent), Cheju Bank (12.2 percent), Seoul Bank (11.1 percent) and Chohung Bank recorded the delayed payment rate over 10 percent.

On the contrary, the exclusive credit card companies such as Kukmin Card, Korea Exchange Bank Credit Service, LG Card, and Samsung Card recorded 4.2 percent, which is lower than that of the commercial banks. But the Dongyang Card marked the delayed payment rate of 15 percent, despite it is an exclusive credit card company.

Byong-Ki Lee eye@donga.com