Korea's financial regulator is expected to announce additional measures next week to tame runaway household debt that will focus on toughening requirements for the repayment capability of borrowers, sources said Wednesday.
More than 40 percent of people who took out mortgages in the first quarter have unsecured loans.
It's only going to get tougher for households to borrow from banks as the year wears on.
The Financial Services Commission (FSC) will tighten household lending through next year, FSC chairman Koh Seung-beom said on Tuesday during a meeting with heads of financial regulators. It will focus on loans from banks and private lenders ...
The Bank of Korea stressed the need to further raise the country's key interest rate to resolve worsening financial imbalances in its financial stability report published Friday.
Finance Minister Hong Nam-ki said Wednesday the government will explore additional measures to curb household debt, including tighter lending rules at non-banking institutions, if needed.
Households will only be able to borrow as much money as their annual income as financial authorities try to curb the country’s growing household debt.
Household debt rose 10.3 percent on year in the second quarter to 1,805.9 trillion won, hitting a new record as Koreans borrowed big to buy into initial public offering and to finance real estate.
Commercial banks have abruptly hit the brakes on consumer loans. People facing hardship due to Covid-19 and those who relied on borrowing for housing and stock buying are panicking.NH Nonghyup Bank announced it won’t be extending...
Ms. Joo, an office worker in her 30s, recently bought an apartment in Seoul -- using her savings, money borrowed from siblings and parents, and, of course, the biggest mortgage she could afford.