April 19, 2024
Economy
Fast rise of household debt weighs on Korea
[THE INVESTOR] The proportion of South Korea's household debt to disposable income came to 169 percent as of the end of 2015, higher than the average of Organization for Economic Cooperation and Development member nations' 129.2 percent, the Bank of Korea said.
The ratio of the country's household debt to the country's gross demestic product also reached 91 percent, compared to the OECD average of 70.4 percent.
Korea's outstanding household credit comprised of loans and credit card spedning came to 1,344.4 trillion won (US$1.18 trillion) as of the end of last year, up 11.7 percent from the previous year.
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