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Biz News Korea(Eng)
Korea’s household credit hit record high of $1,227.7 bn in H1
- Collected
- 2017.08.24
- Distributed
- 2017.08.29
- Source
- Go Direct
Household credit, which includes household loans from banks and non-banks as well as outstanding credit card balance, surged 2.1 percent in the past six months to a historic high of 1,388.3 trillion won as of June 30, showed preliminary data released by the Bank of Korea on Wednesday.
It marks as the highest household credit balance since the central bank started compiling such data in the fourth quarter of 2002.
The country’s household loan is expected to exceed 1,400 trillion won at the end of August as the Financial Services Commission’s preliminary data showed the country’s household widened by 9.5 trillion won in July.
Snowballing household debt is a major downside for the country as it discourages consumer spending and can jeopardize the financial industry if the debt or housing bubble bursts.
Household loan in the second quarter ended June 30 shrank by 4.7 trillion won from a year earlier, but expanded by 12.6 trillion won from the previous quarter. Household loan in the first six months this year grew by 45.8 trillion won on year.
By Kim Gyu-sik
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