2분기 가계부채 2019조8천억원…사상 첫 2000조원 돌파

In the second quarter of 2019, total household credit in South Korea reached a record 20 trillion won, marking the first time the figure surpassed 2 trillion won. According to the Korea Bank's statistical report released on July 19, household credit reached 18.91 trillion won at the end of June, an increase of 25.9 trillion won from the end of March.

The surge in household credit was primarily driven by real estate-related loans and credit purchases, with the latter reaching a record high. Home loan-related credit increased by 12.2 trillion won, a 8.1 trillion won increase from the previous quarter, and credit purchases by non-bank institutions saw a 12.8 trillion won increase, twice the growth of the previous quarter.

Analysts suggest that the increase in credit purchases was fueled by the stock market boom and rising investment in shares. The increase in household credit was also driven by the reduction in the inheritance tax exemption period, which started on May 9, leading to a rise in home sales. The expansion of credit purchases by non-bank institutions and the growth of other types of credit, such as credit card usage and minor credit accounts, were also significant factors.

The increase in household credit was particularly notable in the second quarter of 2021, compared to the third quarter of 2021. This growth is expected to continue, as the stock market entered a downward phase in the third quarter, and analysts believe the second quarter's growth would not be as significant. The rise in household credit has led the central bank to consider raising the benchmark interest rate again in July, which could put a strain on household loan repayments for vulnerable borrowers.

The government aims to reduce the ratio of household debt to the country's annual GDP to below 80% by 2030, a target that has already decreased from 88.1% at the end of last year to 85.3% in the first quarter of 2023. The rapid growth in household debt compared to economic growth is the main reason for this reduction. The government has also eased regulations on household loans, raising its target for the growth rate of household loans to 3% from 1.5% by the end of the year, taking into account expected surplus loan repayments and re-financing loans from property and housing sales.