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Home > mk Business News 프린트 이메일 전송 리스트
S. Korea’s household credit touches record high in Q4 last year
2013.02.21 17:19:34
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South Korea’s household credit markedly grew in the fourth quarter (Q4) last year to reach a record high level.

As of the end of last year, the nation’s household credit balance recorded 959.4 trillion won ($883 billion), according to a report of the Bank of Korea (BOK) Thursday. This is up 23.6 trillion won on-quarter and 47.5 trillion won on-year.

[S. Korea’s household credit touches record high in Q4 last year] 기사의 본문 이미지


Household credit balance is a measure of household debt that factors in household loans and sales on credit, which include credit card purchases and installment payment purchases.

Household credit balance stood at 900.6 trillion won, crossing the 900 trillion won mark for the first time. Sales on credit reached 58.8 trillion won.

In Q4 alone, household loans and sales on credit jumped 19.9 trillion won and 3.9 trillion won, respectively. The growth rate of household loans shrank 5.8 percent in Q2, 5.4 percent in Q3 and 5.2 percent in Q4. However, considering that GDP (gross domestic production) rose at a pace of 2.3 percent (Q2), 1.5 percent (Q3) and 1.5 percent (Q4) on-year during the same period, the pace of household debt far outpaces that of GDP growth rate.

Local depository banks experienced the highest rise in household loans. The sum of household loans extended by local depository banks added 7.9 trillion won in Q3 to 467.3 trillion won. The sum by non-depository banks gained 3.4 trillion won from Q3.

Loans extended by other financial institutions went up 8.5 trillion won to 240 trillion won.

In terms of sales on credit, outstanding sales on credit via credit cards jumped 2.4 trillion won in Q4 while those via installment financing was up 1.1 trillion won, leading to a 3.8 trillion won gain in the overall balance of sales on credit.

[Written by Deok-joo Lee - Jieun Lee / edited by Soyoung Chung]



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