Household loans extended by major Korean banks decreased for the first time in 10 months in January on sluggish real estate purchases, data showed Sunday.
Korean banks reported a decline in household and corporate loans for December. Household loans fell for the first time in nine months.
An ad offers credit card loans on a pole in downtown Seoul on Dec. 30.
The Bank of Korea said that the average oustanding loan balance per borrower in Korea surpassed the 95 million won mark as of the end of September.
Outstanding household debt set a new record in the third quarter of this year at 1.91 quadrillion won as housing transactions surged in July.
An energy price freeze can provide immediate relief. But good bargains empty the purse.
In volatile times, credibility in policymaking should not be compromised.
The sum of government and household debts has tipped over the milestone of 3,000 trillion won ($2.26 trillion).
Banks are tightening their rules for issuing mortgages as loans surge ahead of anticipated rate cuts and stricter regulations this month.
Korea JoongAng Daily Sitemap
