April 25, 2024
Economy
Korea to unveil strong measures to curb rising household debt
[THE INVESTOR] The Korean government is working on a set of stronger measures to calm the steep upside pace of household debt, the Finance Minister said on Oct. 20.
“We are seeking ways to reduce the double-digit pace of growth in household debt to a single-digit rate,” Finance Minister Kim Dong-yeon said in a parliamentary session held in Seoul. “Also, the government will map out plans to support those who are in financial difficulties.”
The Financial Services Commission and related government ministries will unveil a comprehensive plan on mounting household debt, which surpassed 1,400 trillion won (US$1.24 trillion) as of end-June, up 4.9 trillion won from the same month last year.
The 4.9 trillion won rise in September marked the lowest on-year gain in five months and slowed down from the previous month’s 6.6 trillion won.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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