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.
The Bank of Korea expressed concern that rising household debt could become a serious threat to the economy.
Household debt hit a record 1,765 trillion won ($1.6 trillion) in the first quarter largely due to continued increases in mortgage lending and lending for stock investment, the Bank of Korea said Tuesday. The statistic includes household loans from..
Household debt hovers at dangerous levels. Outstanding household credit hit a record high of 1,765 trillion won ($1.6 trillion) in the first quarter, according to the Bank of Korea. Household debt refers to personal loans from...
Household debt hit a record 1,765 trillion won ($1.6 trillion) in the first quarter largely due to continued increases in mortgage lending and lending for stock investment, the Bank of Korea said Tuesday.
Money owed by households continued to grow through the end of last year as people borrowed to buy houses and invest in stocks.