Banks see household loans shrink as people clear debt

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Banks see household loans shrink as people clear debt

Korean banks’ household loans contracted in March from the previous month as people borrowed less money using their overdraft accounts, the central bank said yesterday.

Local banks’ household loans, including home-backed loans and credit loans, reached 452.3 trillion won ($393.6 billion) as of late March, down 413.9 billion won from a month earlier, according to the Bank of Korea (BOK).

Lenders’ household loans fell last month after rising by 464.8 billion won in February, as loans secured by mortgage edged up and people reduced loans from their personal overdraft accounts, the BOK said.

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