South Korea Household Debt Climb to Record High
kpride, May 28, 2015, 9:52 a.m.
Household debt has hit a record high this month. The Financial Supervisory Service said Wednesday that the amount of outstanding household debt at the end of April was up by US$7.9 billion from the previous month.
The financial watchdog attributes the sharp increase to the country's record-low interest rate of 1.75 percent and the spring moving season, which caused a jump in housing transactions. The increase is the second in two months and the biggest in more than nine years.