S. Korea’s household debt hits record high in Q3

South Korea’s total household credits outstanding rose by 18.0 trillion won in the third quarter of 2024, reaching 1,913.8 trillion won by the end of September, according to data released by the Bank of Korea (BOK) on Tuesday.

Excluding credit card debt, household debt expanded by 16.0 trillion won to 1,795.8 trillion won. Mortgage loans to households jumped significantly, increasing by 19.4 trillion won during the July-September quarter.

While other household loans, such as credit loans, decreased by 3.4 trillion won in the third quarter, credit card debt increased by 2.0 trillion won, continuing an upward trend for the second consecutive quarter.

Attribution: Bank of Korea report

Subediting: Y.Yasser