Major Banks Halt Household Lending to Curb Debt

  • Arirang News

    August 19, 2011 12:57

    Several major banks will temporarily halt new household lending to curb growing household debt. Banks including Nonghyup, Shinhan, Woori and Hana have suspended loans, such as mortgage lending and credit loans until the end of this month.

    The decision comes after a government move to tighten rules related to banks' loan-to-deposit ratios and their lending practices, which came at the end of June, failed to stem the rising household debt.

    Household debt increases by about US$3 billion every month, but it rose by $4 billion last month and roughly $2 billion already early this month.

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