Korea’s household credit reached a record high in the third quarter, the central bank said on Nov. 22.
The country’s outstanding household debt jumped to 1,419.1 trillion won (US$1.30 trillion) in the July-September period, up 9.5 percent from a year earlier, preliminary data by the Bank of Korea showed.
Quarter-on-quarter, household credit -- which is composed of household loans and credit card spending -- rose 2.2 percent in the third quarter, the data showed.
The government has tightened lending rules as part of efforts to curb the ever-growing household debt, which economists fear could dampen consumer spending going forward and hold up growth.
By Alex Lee and newswires (email@example.com