household debt Archives | Be Korea-savvy
Some 380,000 Households at High Risk of Default Due to Excessive Debt Burden: BOK

Some 380,000 Households at High Risk of Default Due to Excessive Debt Burden: BOK

SEOUL, Oct. 10 (Korea Bizwire) — Some 380,000 households in South Korea were found to be at high risk of financial default due to excessive debt burdens, a central bank report showed Monday. According to the Bank of Korea (BOK) report submitted to Rep. Kang Joon-hyun of the main opposition Democratic Party, the number of [...]

S. Korea Ranks No. 1 in Household Debt-to-GDP Ratio in Q1

S. Korea Ranks No. 1 in Household Debt-to-GDP Ratio in Q1

SEOUL, June 6 (Korea Bizwire) — South Korea had the highest household debt-to-gross domestic product (GDP) ratio among 36 major economies in the first quarter, a global finance report said Monday. The country’s household debt-to-GDP ratio came to 104.3 percent in the January-March period, followed by Lebanon with 97.8 percent, Hong Kong with 95.3 percent, [...]

FSC Puts Top Priority on Bringing Household Debt Growth to Pre-pandemic Levels

FSC Puts Top Priority on Bringing Household Debt Growth to Pre-pandemic Levels

SEOUL, Dec. 5 (Korea Bizwire) — The head of South Korea’s top financial regulator has said he will make continued efforts to bring household debt growth down to pre-pandemic levels, as fast increasing debt has emerged as a major risk that could threaten the country’s economy. Koh Seung-beom, chief of the Financial Services Commission (FSC), [...]

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s financial authorities have called on local banks to tighten their screening for unsecured loans as part of efforts to cope with rising household debt, sources said Thursday. The Financial Supervisory Service (FSS) recently required all commercial lenders to submit their plans to adjust caps on credit loans [...]

S. Korea’s Household Debt Growth Accelerates in June

S. Korea’s Household Debt Growth Accelerates in June

SEOUL, July 9 (Korea Bizwire) — South Korea’s household debt grew at an increased speed in June, while the rise in corporate loans slowed sharply from a month earlier following the government’s stimulus measures aimed at supporting the pandemic-hit economy, central bank data showed Thursday. Fresh bank loans extended to local households came to 8.1 [...]

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

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 [...]