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Korea's total household debt has hit an all-time high of more than W660 trillion (US$1=W1,129), or W40 million per household on average. The Bank of Korea on Thursday said, "As of the end of June, household debt stood at W660.3 trillion, up W19.8 trillion from the end of March."
Household debt is calculated by combining loans from financial firms and credit card and hire-purchase financing. Household debt has swollen 3.5-fold compared with the 1997 Asian crisis. It has doubled since late June 2001.
Those who took consumption-related loans during the second quarter of this year accounted for 52.9 percent, down 6.4 percentage points from the first quarter. But those who borrowed to buy houses accounted for 47.1 percent, up 6.4 percent. Credit purchases stood at W37.4 trillion as of the end of June, up 18 percent year-on-year.
(englishnews@chosun.com )
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