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Home > mk Business News 프린트 이메일 전송 리스트
Household debt likely to top $940bn this year
By Chun Jong-heon
2013.11.21 14:43:34 | 2013.11.21 15:28:20
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South Korea’s household debt is expected to surpass 1,000 trillion won ($941.3 billion) this year.

[Household debt likely to top $940bn this year] 기사의 본문 이미지

The outstanding balance of household debt, which includes household loans from financial institutions and credit card spending, climbed 12.1 trillion won from late June this year to a record 991.7 trillion won in late September, according to data from the Bank of Korea (BOK) Thursday. This is up 5.4 percent compared with the level in the same period of last year. Household debt refers to the sum of loans extended to households by financial institutions and credit purchases offered by credit card issuers and installment finance companies.

Of them, outstanding household loans snowballed 11.6 trillion won, or 5.9 percent year-on-year (yoy) in the third quarter (Q3). The increase slowed compared with a 17.1 trillion won rise in Q2.

Outstanding credit card spending increased 500 billion won to 53.8 trillion won in Q3. This is down 2.2 percent yoy.

By lenders, depository banks’ household loan growth fell steeply, while that of non-banking depository institutions including mutual savings banks and credit cooperatives increased.

Depository banks’ household loan growth sharply decelerated from 8.3 trillion won in Q2 to 2.1 trillion won in Q3.

“Tax benefits for housing transactions ended in late June, while bonuses were paid during vacation seasons and national holidays. As a result, both mortgage loans and other loans extended by depository banks expanded at slower paces,” said Lee Jae-gi, head of monetary & financial statistics team at BOK.

Non-banking depository institutions’ household loan growth, especially the expansion of mortgage loans, accelerated from 3.1 trillion won to 3.6 trillion won during the same period.

Consequently, outstanding household loans extended by depository banks came to 472.7 trillion won at the end of September and those extended by non-banking depository institutions 265.8 trillion won.



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