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Household Debt Still Growing Too Fast

2019/08/25 | 213 views | Permalink | Source

Household debt growth has slowed significantly since the first half of last year, but it is still too early to break out the champagne since it keeps growing faster than income and seems to be speeding up again, the Bank of Korea warned Thursday.

The central bank said that outstanding household credit, which consists of household loans and credit card spending, grew W16.2 trillion from the first quarter of the year to W1,556.1 trillion in the second quarter (US$1=W1,212).

The increase was smaller than that of last year's second quarter (W24.1 trillion) but way faster than in the previous quarter (W3.2 trillion).

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