South Korea Household Debt Exceeds to Over $980 Million

D-Bo , Feb. 24, 2015, 10:21 a.m.

Household debt shot up by almost US$58 billion last year.  In a report to the National Assembly on Monday, the Bank of Korea said household loans from banks rose around $33 billion in 2014, and from non-banking institutions $24 billion.

Adding credit card bills and loans extended by insurance companies, the total amount is estimated at over $980 billion. That means each Korean is in the red by about $20,000.

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