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Home > mk Business News 프린트 이메일 전송 리스트
Household debt surges to $988 bn
2013.05.15 11:28:33 | 2013.05.15 16:15:17
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South Korean households piled up debt totaling nearly 1100 trillion won ($988.51 billion) last year.

Mortgage loans with a loan-to-value (LTV) ratio exceeding 80 percent reached over three trillion won. That is to say, for those with such loans, home sale prices will not cover mortgages and “jeonse” deposit. Jeonse is a lease system in which a tenant pays a large lump-sum deposit for typically a two-year rental period.

[Household debt surges to $988 bn] 기사의 본문 이미지

The nation’s real household debt skyrocketed 52.10 trillion won to 1098.50 trillion won last year from 1046.40 trillion won of the prior year, said the Financial Supervisory Service (FSS) Wednesday.

Real household debt is a sum of household credit calculated by the Bank of Korea (BOK) and lending to small-scale sole traders including small business owners and religious organizations. Household credit is comprised of lending and accounts payable.

The BOK’s household credit came to 959.40 trillion and lending to small-scale sole traders 139.10 trillion won last year, up from 911.90 trillion won and 134.50 trillion won of 2011, respectively.

This means real household debt almost doubled in the last decade from around 600 trillion won in the early 2000s.

The quality of household debt is deteriorating on a combination of the property market downturn and decelerating income growth.

Non-performing loan (NPL) ratio for banks’ household lending rose 0.09 percentage point to 0.78 percent in late March this year from late last year. The NPL ratio also went up 0.07 percentage point yoy.

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