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.

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