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RESCHEDULED CARD BILLS IN S.KOREA DROP 32 PCT JAN-SEPT.
SEOUL, Nov 1 Asia Pulse - South Korean credit card companies saw their rescheduled credit card bills drop by one third in the first nine months of the year as they actively wrote off bad loans, industry sources said Monday.
LG Card Co. (KSE:032710), Samsung Card Co., and seven other credit card firms had 13.24 trillion won (US$11.8 billion) in rescheduled loans as of September, down 31.8 per cent from the end of last year.
Hit by rising defaulted credit card bills, local credit card companies gave extensions for overdue credit card payments and reclassified them as normal loans.
By company, LG Card Co., South Korea's second-largest credit card firm, saw its rescheduled credit card bills fall to 4.55 trillion won from 7.5 trillion won over the cited period.
The company, bailed out by its creditors early this year through a massive debt-for-equity swap, plans to cut ...
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Source: HighBeam Research, RESCHEDULED CARD BILLS IN S.KOREA DROP 32 PCT JAN-SEPT.