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'Plastic credit' rises sharply in 1Q08

BANGKOK: -- Continued rising inflation in Thailand has encouraged increased consumer spending using locally issued credit cards during the first quarter of 2008, according to a new survey by Kasikorn Research Center, which indicates that spending increased to about Bt197.34 billion, up 14.4 per cent from the corresponding period of 2007.

The survey said besides the sharp jump in commodity prices, diesel prices during the January-March period soared 70 per cent year-on-year while some goods prices rose 30 per cent from before.

Inflation during the first quarter this year advanced to 5 per cent, up from 2.3 per cent in the same period last year, it said.

Meanwhile, outstanding credit being carried by plastic cards during the first quarter 2008 amounted about Bt174.76 billion, up 5 per cent compared to 4.8 per cent in the first quarter last year, the report said.

However, if the increase of 5 per cent is compared to the last quarter of 2007 then outstanding balance of credit would have fallen to 2.5 per cent as card issuers decided to remove doubtful debts from their system faster, it said.

Moreover, cardholders also paid higher volumes of cash on their outstanding balances after the Bank of Thailand increased the minimum payment on the outstanding amount by cardholders to 10 from 5 per cent.

The Kasikorn Research Center said some credit card issuers would probably stimulate cardholders to spend more during the Euro Cup 2008 football event which starts June 7. They are expected to launch joint campaigns with entertainment places, restaurants and department stores.

-- TNA 2008-05-18