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Household Credit Soars in October as Savings Banks, Credit Unions Outpace Commercial Lenders Despite Government Curb Efforts

SEOUL, Nov. 3 (Korea Bizwire) – South Korea’s household credit increased at a faster rate in October due to rising loans from savings banks and credit unions despite the government’s efforts to curb household debts, financial data showed Sunday. Outstanding household credit extended by all financial institutions, including commercial banks, savings banks, and insurance [...]

Household Credit Surges in Q2, Driven by Rising Mortgages

SEOUL, Aug. 20 (Korea Bizwire) – South Korea’s household credit rebounded sharply in the second quarter of the year as home-backed loans increased in the face of tightened lending criteria and high rates, central bank data showed Tuesday. Outstanding household credit reached 1,896.2 trillion won (US$1.419 trillion) at the end of June, up 13.8 trillion [...]

Household Credit Soars in Q2 Despite High Borrowing Costs

SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s household credit soared in the second quarter of the year amid high interest rates as home purchases gathered steam, central bank data showed Tuesday. Outstanding household credit reached 1,862.8 trillion won (US$1.38 trillion) at the end of June, up 9.5 trillion won from three months earlier, according [...]

Household Credit Shrinks at Sharpest Pace in 13 Years in Q4 amid High Borrowing Costs

SEOUL, Feb. 21 (Korea Bizwire) — South Korea’s household credit shrank at the sharpest pace in 13 years in the fourth quarter of 2022 amid high interest rates driven by the central bank’s monetary tightening to bring down inflation, data showed Tuesday. Outstanding household loans reached 1,867.0 trillion won (US$1.44 trillion) at the end of [...]

Q1 Household Debt Growth Slowest in 1 Year Due to Virus Outbreak

SEOUL, May 20 (Korea Bizwire) – South Korea’s household debt grew at the slowest pace in one year in the first quarter, central bank data showed Wednesday, amid a sharp decline in spending apparently caused by the new coronavirus outbreak that is expected to hurt the whole economy. Outstanding household credit came to 1,611.3 trillion [...]