[FETV=권지현 기자] The Financial Supervisory Service issued a ‘caution’ for consumers related to credit card revolving subscriptions. As credit card revolving increases, which transfers part of the credit card payment to the next month’s payment and pays a ring of interest for the amount, consumer damage occurs one after another, such as unknowingly signing up or signing an interest-free contract.
According to the Financial Supervisory Service on the 12th, the number of credit card revolving users stood at 2.74 million as of the end of June, an increase of 50,000 from the end of last year (2.69 million). The amount used increased by 200 billion won from 6.2 trillion won at the end of last year to 6.4 trillion won at the end of June.
The number of revolving users increased from 2.66 million in 2018 to 2.84 million in 2019, and decreased to 2.69 million last year, but turned to an increasing trend this year. As of June, the interest rate applied by credit card companies to revolving users was an average of 17.3%.
In particular, as a result of the analysis of complaints related to revolving received in the first half of this year, it was found that most of them signed up after being informed that they did not apply or there was no additional cost. Specifically, it is advertised as ‘a service that does not have any credit problems in case of unforeseen card payment overdue’, or a case in which a user applied for a card to receive a telecommunication fee discount and then unknowingly signed up for a revolving service.
An official from the Financial Supervisory Service warned, “Frequent use of revolving can form a wrong habit of spending in excess of income.
He continued, “If revolving is unavoidably used, it is desirable to use it within the required amount and period.” “If the contract settlement ratio is not set to 100%, even if there is a balance in the payment account, only the contract settlement ratio is paid, and the remaining amount is carried over to revolving. Therefore, you should check and understand the terms and conditions of revolving before deciding to join.”
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