Seoul: Outstanding credit card loans have surged to an unprecedented level as of end-October, amidst stringent lending regulations by banks and subdued domestic demand. According to Yonhap News Agency, outstanding loans from nine major credit card companies totaled 42.22 trillion won (US$30.25 billion) by the end of October, marking the highest amount on record. This increase follows a consistent trend, with the figure reaching a record 41.83 trillion won in August before a slight dip to 41.69 trillion won in September. The rise in credit card loans is attributed to financially constrained individuals seeking alternative borrowing options as banks have increased loan interest rates and tightened lending practices. This shift aligns with governmental directives to manage loans more strictly to address escalating household debts. An official from a credit card firm highlighted that self-employed individuals and small businesses have particularly faced financial challenges, leading them to resort to card loan s amid declining private consumption. Government data showed that retail sales, an indicator of private spending, declined by 0.4 percent in September from the previous month and dropped 2.2 percent on a year-on-year basis, marking the seventh consecutive monthly decrease. A photograph from May 2024 depicts advertisements for credit card loans displayed on a building wall in Seoul, underscoring the prevalent reliance on credit card borrowing in the current financial climate.