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Home > mk Business News >> Economy 프린트 이메일 전송 리스트
S. Korea’s household debt nears $875 bn
2013.07.03 14:24:47 | 2013.07.03 15:41:16
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South Korean households piled up debt totaling nearly 1,000 trillion won ($875 billion), data showed.

Of note, loans extended by non-banking financial institutions, most of which are received by low-income earners and the elderly, are growing at an alarming pace.

[S. Korea’s household debt nears $875 bn] 기사의 본문 이미지

As of end-March, the nation’s household debt totaled 961.6 trillion won, according to the government Wednesday. The figure doubled in eight years from 494.2 trillion won in end-2004.

During the 1999 to 2012 period, Korea’s household debt climbed 11.7 percent at an annual pace, far higher than GDP at 7.3 percent and disposable household income at 5.7 percent.

Korean households owed a relatively higher amount of debt compared to their counterparts in other countries.

Korea’s household debt of GDP rose to 89.2 percent as of 2011. This is 15 percentage points higher than the OECD average of 74.5 percent. Korea ranked 10th place among the OECD’s 28 countries.

The number of multiple debtors reaches 3.22 million nationwide and the number of house poor burdened by mortgage or home-equity loans on weaker real estate market grew to 98,000, both of which makes structure of Korea’s household debt worse.

The government said the problems associated with higher household debt are not likely to spill over into the entire financial system, but could affect non-banking financial institutions and vulnerable group.

Of the household debt constituents, loans extended by non-banking institutions went up from 43.2 percent in 2008 to 49.1 percent in late-March.

The government warned excessive household debt burden could be an impediment to economic recovery.

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