Credit card spending grew at the fastest pace in 14 months in January, data showed on Tuesday, amid signs that the local economy is on a recovery track. 

Purchases made with credit cards reached 46.9 trillion won ($43.8 billion) in January, growing 9 percent from a year earlier, the largest gain since November 2012, according to data compiled by the Credit Finance Association.

The data includes transactions on credit, debit and prepaid cards. Cash advances, overseas spending and card loans were not included.

The association attributed the sharp rise to increased use of credit cards to pay taxes and to a flurry of private spending ahead of the Lunar New Year holiday that fell in late January.

A recovery in overall private spending also helped boost card spending, it said.

South Koreans often carry multiple credit cards, which has contributed to shoring up private spending in the past few years.

The data also showed that the use of debit cards has been on a steady rise, accounting for over 18.3 percent of the total card purchases in January, up 2.6 percentage points from a year earlier. (Yonhap)