Mortgages drive spike in outstanding household loan balance
![A promotional banner advertising a mortgage is displayed at a bank in Seoul on Wednesday. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/06/12/15680cb8-0cfe-4697-bda7-ff7ed6862cb5.jpg)
A promotional banner advertising a mortgage is displayed at a bank in Seoul on Wednesday. [YONHAP]
A promotional banner advertising a mortgage is displayed at a bank in Seoul on Wednesday.
The outstanding household loan balance stood at 1,109.6 trillion won ($806.7 billion) as of the end of May, up 6 trillion won from a month earlier, according to the Bank of Korea.
Mortgages issued by banks drove the growth, with 5.7 trillion won added on month. The growth was steeper than the 4.5 trillion won increase in the previous month.
with the Korea JoongAng Daily
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