Household credit surely to have topped $1.41 tril. mark for 1st time
Household credit in Korea is surely to have topped the 2,000 trillion-won ($1.41 trillion) landmark in the second quarter, driven by increased home-backed loans and stock loans, according to industry sources Sunday. According to the sources, household credit reached an all-time high of 1,993 trillion won at the end of March, up 14 trillion won from the end of last year, which represents the…
Household credit in South Korea is projected to have reached the 2,000 trillion-won ($1.41 trillion) milestone for the first time in the second quarter, according to industry sources. The growth is attributed to a surge in home-backed loans and stock loans, with household credit reaching an unprecedented 1,993 trillion won by the end of March.
This marks a 14 trillion-won increase from the previous year, representing the seventh consecutive quarter of growth, although the pace of growth has slowed for the second straight quarter. Household credit encompasses credit purchases and loans extended to households by financial institutions. However, outstanding household loans by all financial institutions are estimated to have increased by at least 21 trillion won in the second quarter, indicating that household credit has indeed surpassed the 2,000 trillion-won threshold.
Despite the government's efforts to cool the overheated housing market and curb household debt, demand for homes remains robust, and stock loans have been on the rise alongside the stock market's bull run.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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