Household Debt Reaches New Record

      June 11, 2014 10:34

      Loans to households stood at W695.5 trillion as of the end of April, a new record (US$1=W1,017). Household loans have been reaching new highs every month since February.

      Outstanding household loans by domestic financial institutions grew W5 trillion compared to late March, according to the data the Bank of Korea released Tuesday.

      They fell by W2 trillion in January but rose by W3 trillion in February and another W2.4 trillion in March. In April, they increased at the fastest clip in four months. The BOK said property transactions rose from 89,394 in March to 92,691 in April.

      Household loans extended by banks stood at W484.1 trillion, up W2.8 trillion from a month ago, while loans extended by non-banking financial institutions stood at W211.5 trillion, up W2.2 trillion.

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