Korea’s household debt hits record high on mortage loans

Quick Summary:

The cut in the second quarter, or 2.5 trillion won, was only 19% of the decline in the first quarter.“The balance of household credit rose in the April-June period due to a larger increase in mortgage loans, which was led by housing transaction growth in the Seoul metropolitan region, and a smaller decrease in consumer credit,” a BOK official said.

In the first quarter, the figure increased 6.1% to 139,000.“Housing transactions affect household lending with a two- to three-month lag,” the central bank official said.“The BOK and other authorities are closely monitoring the housing market as household debt increased in July at a similar pace in the second quarter,” the official added.

Household lending other than mortgage loans, or consumer credit, has been on a downward trend for 11 consecutive quarters and declined 0.4% to 687.2 trillion won in the second quarter.

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Article Details

Category: Economy

Markets: South Korea

Topics: Lending Market Housing Credit Quarter Loans Household Mortgage Increased Trillion Second

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-20 @ 17:43:29 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 398 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 22172814

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