April 27, 2024

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[THE INVESTOR] 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 (alexlee@heraldcorp.com)