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.
Korea's household income rose 1.4 percent on year in the first quarter of 2024, but the inflation-adjusted figure fell by the largest margin in seven years amid high prices and falling wages, data showed Thursday.
The Bank of Korea attributed the 0.1 percent contraction to high interest rates, the sluggish housing market and strict loan issuance regulations after a record spike in the third quarter last year.
CJ Olive Young's revenue surpassed that of Amorepacific and LG Household & Health Care for the first time, reaching 3.86 trillion won in 2023.
The growth of household loans extended by banks slowed in February as people paid back credit loans using holiday bonuses.
Korea’s household credit growth slowed in the fourth quarter of last year as the real estate market remained weak amid high borrowing costs.
Local governments in Korea have reported significantly fewer lonely deaths than the numbers disclosed by the Ministry of Health and Welfare over the past years.
Household loans lent out by the top five banks in January increased by 2.238 trillion won ($1.71 billion) from the end of December, according to the finance sector. Household loans made by top five banks have increased for eight consecutive months.
Finance Minister nominee Choi Sang-mok has pledged to facilitate a smooth resolution to the challenges in project financing and to stabilize Korea's record household debt, aiming to effectively manage any potential risks.
A lengthy, painful war with debt awaits the country.
Korea JoongAng Daily Sitemap