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 [...]
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 [...]
SEOUL, April 8 (Korea Bizwire) — South Korea’s household debt increased by the largest in history last month, with its corporate debt also growing at a new record rate, central bank data showed Wednesday, amid the growing fallout from the spread of the new coronavirus. Fresh bank loans extended to local households came to 9.6 [...]
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 [...]
SEJONG, Dec. 24 (Korea Bizwire) — More than half of middle-aged people were indebted last year, data showed Tuesday, in the latest sign of growing household debt in South Korea. The data compiled by Statistics Korea showed that 56.1 percent of people aged between 40 and 64 borrowed money from banks or other financial institutions [...]
SEOUL, Oct. 8 (Korea Bizwire) — Nearly three out of every 100 households in South Korea may be unable to repay their debt in case of a sudden change to their income or the value of their assets, central bank data showed Tuesday. According to the Bank of Korea (BOK), the number of households with [...]
SEOUL, Oct. 2 (Korea Bizwire) — Household loans extended by five major lenders here have been growing at a steady pace, nearing a record high of 600 trillion won (US$499 billion) for the first time in history, industry data showed Wednesday. As of end-September, outstanding household loans extended by the five local banks came to [...]
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 [...]
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 [...]
SEOUL, Sept. 21 (Korea Bizwire) — After the onset of the global financial crisis, the speed of increase of household debt in Korean families was found to be 7.8 times the OECD average. The aggregate of loans taken out by low income families (bottom 30 percent of the population) or by those who with low [...]