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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 [...]

Household Debt Growth Slows, but Corporate Loans Surge by Highest Amount in April

Household Debt Growth Slows, but Corporate Loans Surge by Highest Amount in April

SEOUL, May 12 (Korea Bizwire) — Household debt growth in South Korea slowed, but corporate loans spiked by the largest amount in history amid the growing fallout from the new coronavirus outbreak, central bank data showed Tuesday. Fresh bank loans extended to local households came to 4.9 trillion won (US$4 billion) in April, according to [...]

S. Korea’s Household Debt Growth Faster than Peers in 2019

S. Korea’s Household Debt Growth Faster than Peers in 2019

SEOUL, March 4 (Korea Bizwire) — The debt owed by households and small businesses in South Korea rose at one of the world’s fastest rates in 2019 in terms of its ratio to the country’s gross domestic product (GDP), data showed Wednesday. According to the data from the Bank for International Settlement, outstanding debt extended [...]

Growth of S. Korea’s Household Debt-to-GDP Ratio 3rd Fastest among Major Economies

Growth of S. Korea’s Household Debt-to-GDP Ratio 3rd Fastest among Major Economies

SEOUL, Oct. 3 (Korea Bizwire) –The ratio of household debt to gross domestic product (GDP) in South Korea increased at the fastest clip after China and Hong Kong despite a series of tightened lending rules, data showed on Wednesday. According to the data compiled by the Bank for International Settlements (BIS), South Korea’s household debt [...]

Tougher Loan Screening in Store for Insurers

Tougher Loan Screening in Store for Insurers

SEOUL, Sept. 28 (Korea Bizwire) — South Korea’s financial watchdog said Friday it will implement a stricter loan screening rule for insurance companies next week to help control risk from the country’s fast rising household debt. Local insurers will have to apply to the so-called debt service ratio to almost all household loans on a [...]