Korean Household Debt Grows to Record Levels
D-Bo , Nov. 14, 2014, 10 a.m.
Household loans grew by almost W7 trillion in October, the highest monthly increase since the Bank of Korea began tallying such data back in 2008 (US$1=W1,097). According to the BOK on Wednesday, household loans last month totaled W547.4 trillion, up W6.9 trillion compared to September, largely due to increase in loans taken out to buy or rent a house. The government's economic stimulus measures spurred increased home sales.
The total amount of loans to buy or rent a house stood at W394.8 trillion in October, when 10,900 apartments were bought and sold, the highest since April 2008.