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Surge in credit card debtors

The Korea Federation of Banks said Friday that individuals in credit debt who have delayed loan or debt payments for more than three months totaled 2.45 million people by the end of September. During September alone, this figure went up 3 percent, or roughly 73,000 people, and failed credit card payments increased by 14 percent, or 100,000 cases. In order to strengthen credit rating management, financial institutions have started networking information on debtors of over 5 million won, keeping credit card debtors from making payments by credit card, and have been limiting cash services.

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